Nigeria is set to invite bids for 31 onshore and offshore oil and gas blocks, as the nation accelerates efforts to increase production and attract vital investment. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, announced the move, which aims to bolster the country’s oil reserves and stimulate economic growth.
Enorense Amadasu, NUPRC’s Executive Commissioner for Development and Production, revealed the details at an industry event in Lagos. He noted that the blocks have been strategically selected for their potential to contribute significantly to Nigeria’s oil and gas reserves.
Nigeria’s daily output, encompassing crude oil and condensates, has now reached 1.8 million barrels per day, up from 1.54 million barrels per day in September. The nation aims to raise production to 2 million barrels per day by the end of the year, driven by enhanced security measures around key oil infrastructure and investor incentives.
The target figure, however, may exceed Nigeria’s quota under the 23-member OPEC+ alliance, which seeks to maintain stable global oil prices through production limits.
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