The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that its next oil‑bloc licensing auction will take place on December 1, 2025. The decision was disclosed by the commission’s chief executive, Gbenga Komolafe, at the Project 1MMBOPD Additional Production Investment Forum in London. The auction is intended to draw new investment into Nigeria’s upstream petroleum sector and has received the approval of President Bola Ahmed Tinubu, who also serves as Minister of Petroleum Resources. This move aligns with the Petroleum Industry Act (PIA), which mandates transparency and competitiveness in the allocation of exploration assets.
Komolafe said the commission is ready to launch the 2025 licensing round after securing the necessary approvals. He noted that past investment challenges stemmed from fragmented operations and limited stakeholder collaboration. To remedy this, the NUPRC is engaging industry players, financial institutions, and investors to create a unified investment environment. These efforts form part of broader reforms aimed at raising Nigeria’s oil output to one million barrels per day in the short‑ to medium‑term.
The announcement underscores the government’s commitment to boosting investment in the petroleum sector, a cornerstone of Nigeria’s economy. By promoting transparency and competition, the NUPRC hopes to foster a more favorable business climate that will drive sector growth. The upcoming auction is a critical step toward achieving the government’s production target, and industry stakeholders and investors are eagerly awaiting the chance to participate and contribute to the development of Nigeria’s upstream petroleum sector.
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