The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced plans for another oil block licensing bid round in 2025, focusing on undeveloped fields and fallow assets. The NUPRC CEO, Gbenga Komolafe, stated that the round aims to boost declining production levels, attract investment, and position Nigeria as a leader in the energy sector. The 2025 licensing round will prioritize natural gas development to support the country's commitment to the United Nations sustainable development goals (SDGs).
Commission says it will launch another oil block licensing bid round in 2025, focusing on undeveloped fields.
“Ladies and gentlemen, while we are proud of our recent achievements as industry stakeholders, we must remain mindful of the challenges ahead. Declining production levels and increased global competition demand strategic action,” he said. Building on the lessons from the present year’s round, Komolafe said the 2025 exercise would focus on “discovered and undeveloped fields, fallow assets”.
“What we are doing here today is not a matter of discretion by the commission but is in line with the statutory provisions of the Petroleum Industry Act,” he said.“The law did not make it annual, but to ensure that we grow, preserve, and optimise our hydrocarbon resources, as I said, we are committed to annual licensing rounds,” he said.“And that’s why I said that at the conclusion of this exercise, we will commence another one in 2025.
OIL GAS NIGERIA INVESTMENT LICENSING
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria Unveils 2025 Budget Focused on Poverty Alleviation and Economic GrowthPresident Bola Ahmed Tinubu presented his 2025 budget to the National Assembly, outlining ambitious plans to tackle poverty, stimulate economic growth, and improve the lives of Nigerians.
Read more »
Nigeria foreign direct investments increase imminent in 2025Nigeria's foreign direct investments are expected to increase in the coming year, 2025, provided current economic reforms are sustained, analysts at Cordros Securities Limited said. The company disclosed this in its report titled, ‘Nigeria in 2025, Reform to Recovery, Navigating the Rebound.’.
Read more »
Nigeria and Botswana Secure Places in 2025 Africa Regional T20 World Cup Qualifier FinalHost nation Nigeria and Botswana have secured their places in the 2025 Africa Regional T20 World Cup Qualifier Final after remaining unbeaten in the ICC T20 Men’s T20 World Cup Sub Regional Africa Qualifier C.
Read more »
AFCON 2025: Question marks for Nigeria’s Super Eagles, EguaveonThe Super Eagles of Nigeria ended their 2025 Africa Cup of Nations, AFCON, qualifier with a loss to Rwanda. DAILY POST reports that the three-time African champions earlier confirmed their ticket at the 2025 AFCON after Rwanda's 1-0 defeat to Libya last Thursday.
Read more »
Nigeria Presents 2025 Budget Focused on Economic Growth and Poverty ReductionPresident Tinubu unveiled Nigeria's 2025 budget, emphasizing its focus on economic growth, poverty reduction, and human capital development. The budget totals N47.9 trillion with a new borrowing plan of N9.22 trillion.
Read more »
Tinubu: Nigeria will be leading agricultural export nation by 2025President Bola Tinubu says Nigeria will be a leading agricultural export nation by 2025.
Read more »