Sen. Eteng Assures International Oil Companies Of Legislative Support On Licensing 19 Blocks
From Abdul SULE (Abuja)
The Chairman, Senate Committee on Petroleum Resources Upstream, Senator Eteng Jonah Williams, has assured Internation oil companies of legislative support for the licensing round for 12 new oil blocks and 7 legislative support for 12 new oil blocks and 7 old blocks from the 2022 mini-bid round.
Eteng spoke recently at the Miami International Roadshow for the 2024 licensing round hosted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in collaboration with the Petroleum Technology Association of Nigeria (PETAN) and Zetse Advisory & Consulting.
The Senator, representing Cross River Central Senatorial district, said the Nigerian government is committed to creating a conducive regulatory framework that promotes investment, transparency, and accountability in the upstream petroleum sector to enable optimal exploitation for shared prosperity.
He said: "I used the opportunity to assure International Oil Companies like ExxonMobil, Chevron and others present at the event that the licensing round has legislative backing.
"I praised the NUPRC for effective implementation of the provisions of the Petroleum Industry Act through investor-friendly regulations that encourage investment and innovation in the upstream petroleum sector.
"We are optimistic that these investments will shore up the country’s production capacity above the current 1.3m barrels per day.
"This Licensing signaled the 10th Senate legislative support for the licensing round for 12 new oil blocks and 7 old blocks from the 2022 mini-bid round," he stated.
According to him, the recent legislative and regulatory reforms have enhanced the ease of doing business, streamlined licensing processes, and provided greater certainty to investors."
