JUST IN: NUPRC Announces 2025 Oil Licensing Bid Round

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has announced plans for another oil licensing bid round in 2025.

Komolafe made the announcement on Wednesday at the 2024 Licensing Round Commercial Bid Conference in Lagos, as the 2024 licensing round approaches its conclusion. He stated that the decision to hold annual licensing rounds aims to boost oil production in Nigeria.

The 2025 bid round will specifically focus on unexplored assets, discovered and undeveloped fields, fallow assets, and prioritizing natural gas development in alignment with Nigeria’s commitment to the UN Sustainable Development Goals.

Komolafe emphasized the challenges ahead, including declining production levels and global competition, stressing the opportunities offered by the Petroleum Industry Act (PIA) to attract investment and strengthen the industry.

“What we are doing here today is not discretionary but in line with the statutory provisions of the Petroleum Industry Act. The law stipulates that the commission should conduct licensing rounds. While the law did not make it annual, we are committed to ensuring the growth, preservation, and optimization of hydrocarbon resources through annual licensing rounds,” he stated.

The NUPRC boss further highlighted the ongoing efforts to recover idle assets under the ‘drill or drop’ provision of the PIA. “We have been engaging with the industry to ensure that unexplored areas and resources are returned to production. We are activating these provisions to ensure assets do not remain idle. Many of these assets will be made available for bidding in the upcoming licensing round,” he added.

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Komolafe reassured stakeholders that efforts to realign exploration activities with the goals of the Petroleum Industry Act will foster investor confidence and operational growth.

Bidders in the 2024 round are expected to learn the outcome of their bids soon.