The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has officially commenced the Nigeria 2025 Petroleum Licensing Round. This strategic initiative aims to attract an estimated $10 billion in new investments and unlock up to two billion barrels of crude oil reserves.
50 Blocks Up for Grabs
Speaking at the launch in Abuja on Monday, NUPRC Chief Executive Gbenga Komolafe detailed the scope of the exercise. Following presidential approval, the commission has listed 50 oil and gas blocks across diverse terrains to accommodate various investment profiles:
- 15 Onshore blocks
- 19 Shallow water/Swamp blocks
- 15 Frontier basin blocks
- 1 Deepwater asset
Boosting Production and Reserves
The licensing round is designed to reverse the recent decline in exploration activities. Komolafe stated that the initiative marks a significant step toward revitalizing the sector and expanding long-term production capacity.
Projections indicate that once these assets are fully operational, they could collectively add 400,000 barrels per day to the nation’s output over the next decade.
A Transparent, Two-Stage Process
The NUPRC emphasized that the six-month exercise will strictly adhere to Section 73 of the Petroleum Industry Act (PIA) 2021 to ensure fairness and credibility. The process adopts a two-stage approach:
- Qualification Stage: Prospective investors or their consultants must submit extensive documentation for rigorous evaluation.
- Bidding Stage: Only shortlisted firms will progress to sign confidentiality agreements and submit technical and commercial proposals.
To further enhance transparency and speed, the commission has deployed an automated online portal for the exercise, building on the digital improvements introduced in the 2024 round.
