The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched the 2025 licensing round for 50 oil blocks, aiming to attract $10 billion in investments and increase the country’s oil reserves by two billion barrels over the next decade. According to NUPRC Chief Executive Engineer Gbenga Komolafe, the licensing round offers a diverse range of blocks, including 15 onshore, 19 shallow-water, 15 frontier assets, and 1 deepwater block. The development of these blocks is expected to yield an estimated 400,000 barrels per day when fully operational.
The licensing round is part of the commission’s efforts to boost Nigeria’s oil reserves, increase production capacity, and expand gas utilization. Other key objectives include creating thousands of jobs across the value chain, enhancing indigenous participation, and promoting transparency in line with the Extractive Industries Transparency Initiative (EITI) principles. The NUPRC believes that this licensing round will play a crucial role in shaping the future of Nigeria’s oil and gas industry.
Nigeria’s oil and gas sector has been a significant contributor to the country’s economy, accounting for a substantial portion of its exports and revenue. However, the sector has faced challenges in recent years, including declining production levels and a need for increased investment. The 2025 licensing round is seen as an opportunity for the country to reverse this trend and attract much-needed investment to the sector.
The launch of the licensing round follows a recent report by the National Bureau of Statistics (NBS), which showed that Nigeria’s GDP rose by 3.98% in the third quarter. This growth is expected to be driven in part by the oil and gas sector, which is anticipated to benefit from the increased investment and activity generated by the licensing round.
As the licensing round progresses, the NUPRC will be working to ensure that the process is transparent and competitive, with a focus on attracting high-quality investors who can help to develop Nigeria’s oil and gas resources. The commission will also be working to promote indigenous participation and to create jobs and economic opportunities for local communities. With the launch of the 2025 licensing round, Nigeria is taking a significant step towards revitalizing its oil and gas sector and attracting new investment to the country.
