The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially launched its 2025 Licensing Round Portal, a major initiative designed to attract $10 billion in new investments and add an estimated two billion barrels to the nation’s oil reserves over the next decade.
Scope and Economic Impact
Commission Chief Executive Engr. Gbenga Komolafe announced that a total of 50 oil and gas blocks are now available for bidding. These blocks cover a diverse range of operational areas, including onshore, shallow water, frontier, and deepwater terrains.
When fully developed, this initiative is projected to yield up to 400,000 barrels per day (bpd) in new production.
The program is structured to deliver several key economic benefits:
-
Production and Reserves: Directly boost national oil production and significantly expand reserves.
-
Gas Utilization: Promote increased gas utilization, supporting the country’s broader energy transition goals.
-
SME Empowerment: Create sustainable jobs and foster business opportunities for thousands of indigenous operators and SMEs across the entire oil and gas value chain, particularly in the exploration, services, and supply sectors.
NUPRC stressed that the Licensing Round is being conducted with a focus on transparency, promoting local participation, and driving inclusive economic growth within the energy sector.
