The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has formally launched the 50-oil-block 2025 licensing round portal, aiming to attract fresh investments estimated at $10 billion.
The round is projected to contribute an additional two billion barrels to the country’s oil reserves within the next decade.
At a press conference on Monday, the Commission Chief Executive, Engineer Gbenga Komolafe, announced that 50 oil and gas blocks are being offered across onshore, swamp/shallow water, frontier basins, and deepwater locations.
The distribution of the blocks comprises 15 onshore assets, 19 shallow-water blocks, 15 frontier basins, and 1 deepwater block.
Engineer Komolafe added that, when fully developed, these blocks have the potential to produce around 400,000 barrels per day.
The NUPRC highlighted the major objectives of the 2025 Licensing Round, which include strengthening Nigeria’s reserves, increasing production output, expanding gas utilisation, and generating thousands of jobs across the sector.
Other outlined aims include boosting indigenous participation and reinforcing Nigeria’s commitment to transparency in line with the Extractive Industries Transparency Initiative (EITI) principles.