From Adewale Sanyaolu, Houston, Texas

The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) has pledged the country’s commitment to break all entry barriers for potential investors in the oil sector.

It also committed to giving robust incentives to new entrants as it begins the 2024 oil bid licensing round.

Commission Chief Executive(CCE), Nigerian Upstream Regulatory Commission(NUPRC),Mr.Gbenga Komolafe,  gave the assurance during the opening of the Nigerian Pavilion at the Offshore Technology Conference(OTC) which began in Houston, United States, yesterday.

Komolafe added that in line with the mandate of President Bola Tinubu, investors wishing to bid for assets in the 2024 licensing round are assured of seamless entry and have nothing to worry about entry barriers.

He explained that it was heartwarming to note that Nigeria’s licensing round is coming at the same time Guyana is holding same, saying the mouth watering offer by Nigeria as an investment destination of choice creates an opportunity for them to make the right choice.

Komolafe said there are 12 oil blocks up for grabs in the 2024 oil bid licensing round.

He noted that the aim of the 2024 oil licensing round is to grow the country’s depleting oil production numbers and oil reserves.

He stressed that the oil bid round would further support the Federal Government’s effort targeted at boosting Foreign Direct Investment(FDI).

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According to him, other gains associated with the bid round is an opportunity for the country to grow its local content capacity.

The NUPRC boss said the 2024 OTC is an opportunity for the country to market its oil and gas potential to the global community.

Earlier in his remarks, the Minister of State for Petroleum Resources, Mr.Heineken Lokpobiri, assured investors that oil will remain relevant for for long time.

He disagreed that oil will remain irrelevant, urging investors to take opportunity of the oil bid round  to make investment.

“Historically, no source of energy goes away. So do not be deceived that fossil fuel will go away,”.

He disclosed that talks at the recent global conferences has further proved that fossil fuel will continue to remain, saying the quicker we extract our oil, the better for us as a country.

He reaffirmed that the quickest way towards economic recovery for Nigeria is through oil and gas investment.

The Minister said the country’s huge oil and gas deposit will mean nothing if they remain on the ground and aren’t explored.