Nigeria Opens Doors to Oil Investment with Transparent Licensing

Nigeria is reducing entry costs for its latest oil licensing round and allowing independent oversight to promote transparency. The country aims to increase oil output to 2.7 million barrels per day by 2027. The Nigerian Upstream Petroleum Regulatory Commission has lowered entry fees to encourage new investment.

Nigeria is lowering entry costs for its latest oil licensing round and including independent oversight to ensure transparency, as the oil-rich nation seeks to boost output and attract new investment. Africa's largest crude producer aims to hold these licensing rounds annually.

The country's plans are ambitious, targeting an increase in daily output from 1.5 million to 2.7 million barrels by 2027. Officials have reduced the signature bonus for the upcoming round to between $3 million to $7 million, down from previous years.

The Nigerian Upstream Petroleum Regulatory Commission assures a stable regulatory framework. To build confidence, the commission emphasizes transparency with oversight from the Extractive Industries Transparency Initiative and provides a fully digital process for data access and bid submission.

(With inputs from agencies.)