Mr Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says a new round of oil licensing bid will take place in 2025.
Komolafe made the announcement as the commission approaches the conclusion of the ongoing 2024 Licensing Round Commercial Bid Conference in Lagos on Wednesday.
He said that the commission intends to make licensing rounds an annual event to boost oil production.
The 2025 round, he said, would focus on unexplored assets, signaling the country’s commitment to further harnessing its vast oil and gas potential.
Speaking about the current 2024 licensing round, which began in May, Komolafe emphasised its significance for Nigeria’s oil and gas sector.
“This licensing round offers a total of 31 blocks—24 newly selected and seven deep offshore blocks carried over from the 2022 Mini Bid Round—spanning onshore, shallow water, and deep offshore terrains.
“These blocks represent enormous potential for boosting Nigeria’s economic growth, enhancing energy security, and driving technological advancements,” he said.
The NUPRC boss said that the 2024 round was particularly historic, being the first since the enactment of the Petroleum Industry Act (PIA) in August 2021.
Komolafe said that the event was seen as a crucial step in positioning Nigeria as a global energy player, with the winners of the licensing round revealed through an open and transparent process.
“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, yet much of its potential remains untapped,” he said.
The NUPRC chief executive said further that the current licensing round aimed to unlock these resources, enhance production, and expand natural gas utilisation opportunities.
“The 2024 round is designed with investor-friendly terms, streamlined block allocations, and a strong focus on local content development.
“It also emphasises sustainability, ensuring that all exploration and production activities adhere to global best practices and environmental stewardship,” he said.
According to Komolafe, Nigeria’s oil and gas sector is poised for transformation, driven by the support of the PIA and Presidential Executive Orders.
He expressed confidence that the country was well-positioned to attract investment and achieve early exploration and production milestones.
The NUPRC chief stressed that the 2024 Licensing Round was more than just a commercial initiative.
He said that it is a transformative opportunity for Nigeria to harness its energy resources, stimulate economic growth, and attract new investments to the sector.
Looking ahead, Komolafe said that NUPRC was already preparing for the 2025 licensing round, which would focus on natural gas and underdeveloped fields.
“This continued effort demonstrates Nigeria’s commitment to energy security, economic growth, and meeting the global demand for sustainable energy.
“The 2024 Licensing Round marks a bold declaration that Nigeria is ready for business. The country is poised to continue its journey toward becoming a leading player in the global energy market.
“As the 2024 licensing round progresses, bidders will soon learn the outcome of their applications,” the commission’s chief executive said.