The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially launched the 50-oil-block 2025 licensing round portal, with a view to attracting fresh investments worth $10 billion.
The round is also expected to add an additional two billion barrels to the national oil reserves over the next 10 years.
The Commission Chief Executive, Engineer Gbenga Komolafe, said at a press conference on Monday, that 50 oil and gas blocks are on offer across onshore, swamp/shallow water, frontier basins, and deepwater terrain.
The breakdown of the blocks includes 15 onshore blocks, 19 shallow-water blocks, 15 frontier assets, and 1 deepwater block.
Engineer Komolafe noted that when fully developed, these blocks can deliver an estimated 400,000 barrels per day.
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The NUPRC outlined the key objectives of the 2025 Licensing Round, which include boosting Nigeria’s reserves, increasing production capacity, expanding gas utilisation, and creating thousands of jobs across the value chain.
Other key objectives of the Round were listed as enhancing indigenous participation and reinforcing Nigeria’s commitment to transparency in line with the Extractive Industries Transparency Initiative (EITI) principles.
