Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has revealed that a new round of oil licensing bids will take place in 2025. This announcement comes as the commission nears the conclusion of the 2024 Licensing Round Commercial Bid Conference in Lagos.
Komolafe stated that the NUPRC plans to make licensing rounds an annual event to enhance oil production, with the 2025 round focusing on unexplored assets. This initiative reflects Nigeria’s commitment to fully tapping into its vast oil and gas potential.
The 2024 licensing round, which began in May, offers 31 blocks, including 24 newly selected and seven deep offshore blocks carried over from the 2022 Mini Bid Round. These blocks span onshore, shallow water, and deep offshore terrains, presenting significant opportunities for economic growth, energy security, and technological advancement.
This round is particularly historic as it marks the first since the Petroleum Industry Act (PIA) was enacted in August 2021. Komolafe highlighted the importance of the event in positioning Nigeria as a global energy player, with the selection process being open and transparent.
With over 209 trillion cubic feet of natural gas reserves and more than 37 billion barrels of oil reserves, Nigeria remains one of the world’s most resource-rich nations. Komolafe stressed that the 2024 round is designed to unlock these resources, increase production, and expand natural gas usage.
The licensing round is investor-friendly, with streamlined block allocations, a focus on local content development, and an emphasis on sustainability through adherence to global best practices.
Komolafe expressed confidence that the PIA and Presidential Executive Orders would drive a transformation in Nigeria’s oil and gas sector, attracting investment and achieving early exploration milestones.
Looking ahead, the NUPRC is already preparing for the 2025 licensing round, which will focus on natural gas and underdeveloped fields, underscoring Nigeria’s commitment to energy security and economic growth. Komolafe concluded that the 2024 round marks Nigeria’s readiness to become a leading global energy player.
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