Nigeria targets 2 billion barrels in new reserves, expanded production, and major job growth as fresh oil and gas blocks go on offer.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the official portal for the 2025 oil and gas licensing round, marking the launch of a major investment drive expected to bring in up to $10 billion.
Speaking at a press briefing on Monday, the Commission’s Chief Executive, Gbenga Komolafe, announced that 50 oil and gas blocks are now available to investors across diverse terrains, including onshore, swamp and shallow waters, frontier basins, and the deep offshore.
According to the breakdown provided by the Commission, the offer includes 15 onshore blocks, 19 shallow-water blocks, 15 frontier assets, and one deepwater block. Komolafe noted that, when fully developed, the blocks have the potential to deliver about 400,000 barrels of oil per day, significantly raising the nation’s output.
The licensing round is designed to support Nigeria’s long-term energy goals, with projections that the newly awarded assets could add two billion barrels to the country’s oil reserves over the next decade.
NUPRC listed the objectives of the 2025 bid round to include boosting reserves, ramping up production capacity, accelerating gas utilisation, and generating thousands of jobs throughout the petroleum value chain.
The Commission also emphasized that the exercise aims to strengthen indigenous participation and reinforce Nigeria’s commitment to transparency in line with Extractive Industries Transparency Initiative (EITI) standards.
