The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that it will hold its next oil bloc licensing auction on December 1, 2025. This decision was made public by the Commission’s Chief Executive, Gbenga Komolafe, during the Project 1MMBOPD Additional Production Investment Forum in London. The auction is aimed at attracting new investments into Nigeria’s upstream petroleum sector.
According to Komolafe, the licensing round has received the approval of President Bola Ahmed Tinubu, who also serves as the Minister of Petroleum Resources. The move is in line with the provisions of the Petroleum Industry Act (PIA), which emphasizes transparency and competitiveness in the allocation of exploration assets. Komolafe stated that the Commission is ready to commence the 2025 licensing round, following the necessary approvals.
The NUPRC CEO noted that previous investment challenges in the sector were partly due to fragmented operations and limited collaboration among stakeholders. To address this, the Commission is engaging with industry players, financial institutions, and investors to create a unified investment environment. This effort is part of ongoing reforms aimed at increasing Nigeria’s oil output to one million barrels per day in the short to medium term.
The announcement is significant, as it underscores the Nigerian government’s efforts to boost investment in the country’s petroleum sector. The oil and gas industry is a crucial component of Nigeria’s economy, and the licensing auction is expected to attract significant interest from international investors. By promoting transparency and competitiveness, the NUPRC hopes to create a more favorable business environment, which will ultimately contribute to the growth of the sector.
The upcoming licensing auction is a key step towards achieving the government’s goal of increasing oil production. As the Nigerian petroleum sector continues to evolve, the NUPRC’s efforts to facilitate investment and collaboration are likely to play a crucial role in shaping the industry’s future. With the auction scheduled for December 1, 2025, industry stakeholders and investors are eagerly awaiting the opportunity to participate in the licensing round and contribute to the development of Nigeria’s upstream petroleum sector.