Nigeria grants 19 oil licences, jet fuel exports surge

Nigeria's energy sector is witnessing a significant wave of investment and strategic repositioning, marked by major project awards, record fuel exports, and new international partnerships. These developments were highlighted during the Nigeria Oil and Gas (NOG) Energy Week conference in Abuja this week, where industry leaders gathered to assess progress and ongoing challenges.

The Nigerian Upstream Petroleum Regulatory Commission formally issued 19 Petroleum Prospecting Licenses to 12 companies, concluding the 2024 oil licensing round. The licenses, covering deep offshore, shallow water, and continental shelf areas, establish the legal and commercial framework under the Petroleum Industry Act. Officials stated the awards are intended to accelerate exploration, increase hydrocarbon reserves, and attract fresh investment. Separately, a significant new deepwater investment was announced, with Esso Exploration and Production Nigeria committing over $300 million to the Usan Infill Project. The company said the project is expected to add 40,000 barrels of oil per day and could deliver first oil within six months of offshore execution.

Concurrently, Nigeria's downstream sector achieved...