Shettima Announces Open Bidding for Nigeria's Oil Blocks

Vice President Kashim Shettima, representing President Bola Tinubu, announced at the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja that Nigeria's oil blocks are now awarded through open and competitive bidding processes. He shared that a friend of his secured an upstream asset without political connections, showcasing the transparency of recent reforms in the oil sector.

Shettima affirmed the Federal Government's commitment to making Nigeria a preferred destination for long-term hydrocarbon investment, ensuring clear terms and compliance. He noted that the NUPRC, established under the Petroleum Industry Act (PIA) of 2021, has conducted successful licensing rounds, including the 2024/2025 oil licensing round.

The PIA has provided clearer rules for investors and increased community stakes in oil-producing areas. Shettima stated that Nigeria has improved oil production stability, moving away from significant losses due to theft and vandalism, thanks to collaborative efforts among security agencies, operations, and host communities.