The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the official commencement of the 2025 petroleum licensing round, targeting about $10 billion in new investments.
In a social media post on Monday, the regulator said it also intends to unlock up to two billion barrels of crude oil reserves.
On November 11, the commission said the 2025 petroleum licensing bid round would begin by December 1, following approval from President Bola Tinubu.
The regulator, on November 28, disclosed that 50 oil and gas blocks located in various basins and terrains will be offered to interested investors during the 2025 petroleum licensing round.
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Providing updates in the post on Monday, the agency announced the official launch of the 2025 licensing round portal — br2025.nuprc.gov.ng.
The NUPRC said the portal was launched “with a view to attracting fresh investments worth $10 billion and an additional two billion barrels to the national oil reserves over the next 10 years”.
Speaking during a press conference on Monday, Gbenga Komolafe, chief executive officer of the NUPRC, reiterated that “50 oil and gas blocks are on offer across onshore, swamp/shallow water, frontier basins, and deepwater terrain”.
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“The breakdown of the blocks includes 15 onshore blocks, 19 shallow water blocks, 15 frontier assets and 1 deepwater block,” Komolafe was quoted as saying.
Komolafe said once fully developed, the blocks could produce an estimated 400,000 barrels per day.
He outlined the main goals of the 2025 licensing round to include increasing Nigeria’s reserves, raising production capacity, and expanding gas utilisation.
The NUPRC boss said the commission also aims to create thousands of jobs across the value chain, boost indigenous participation, and strengthen Nigeria’s commitment to transparency in line with Extractive Industries Transparency Initiative (EITI) principles.
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