Nigeria's Oil Licensing Round Seeks 500 Million Barrels and 300,000 BPD Boost
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded its 2025 licensing round, with the aim of adding 500 million barrels to the country's reserves and increasing production by 300,000 barrels per day within three years. The round saw 143 companies submit 200 bids for 37 out of 50 blocks.
According to the NUPRC, the assets available in this licensing round have the potential to add about 500 million barrels to Nigeria's reserves, increasing existing reserves of crude oil and condensate from 37.01 billion barrels and gas from 215.19 trillion cubic feet.
Chief Executive Officer of Centre for the Promotion of Private Enterprise, Muda Yusuf, noted that Nigeria is in the age of energy transition, and protection of oil assets will significantly help boost production. He added that the new momentum generated by the exercise will help build capacity to increase the level of production in the oil and gas industry.
Abuja-based energy expert, Steveven Martins, emphasized the importance of continued protection of oil assets, stating that more should be done to ensure their security. The NUPRC's Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan, noted that the assets presented at the 2025 commercial bid were recovered from operators and will be assessed for meeting the threshold for return to the basket.