Nigeria Targets 500 Million Barrels in New Oil Reserves Through 2025 Licensing Round
Nigeria has opened a new chapter in its upstream petroleum development with the 2025 licensing round conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The commission targets 500 million barrels in new reserves and 300,000 barrels per day within three years. To achieve these goals, stakeholders emphasize the importance of protecting oil pipelines through Tantita Security Services Nigeria Ltd's operations and maintaining peace and stability in the Niger Delta.
The NUPRC received 200 bids from 143 companies for 37 out of 50 blocks during the commercial bid phase. The new bid round is a strategic recalibration of Nigeria's energy ambitions, with global markets shifting rapidly and the country facing pressure to strengthen production, attract capital, and reposition itself in the era of energy transition.
President Bola Ahmed Tinubu appointed Tantita Security Services Nigeria Limited (TSSNL) led by High Chief Dr. Government Oweizide Ekpemupolo, alias Tompolo, to protect Nigeria's oil assets in the Niger Delta region. The appointment aims to enable TSSNL to support the national economy in getting the full benefits of oil resources.
The 2025 Licensing Round has attracted significant investor interest, with companies such as SSonic Petroleum Limited and Dutchford E&P Limited emerging as winners of 37 oil and gas blocks. The Commission's Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan, noted that the assets available in this Licensing Round have potential to add about 500 million barrels to Nigeria's reserves.