The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another licensing round in 2025.
The Commission Chief Executive, Engr. Gbenga Komolafe, made the disclosure during the 2024 Commercial Bid Conference organised by the NUPRC in Lagos on Wednesday.
“Declining production levels and fierce global competition demand strategic action. Interestingly, the PIA has given us a unique opportunity to transform the industry, attract investments, and position Nigeria as a formidable player in the global energy space.
“To this end, I am pleased to announce that the NUPRC will launch another Licensing Round in 2025. Building on the lessons learned from this year’s round. The 2025 exercise will focus on discovered but undeveloped fields (fallow assets) and prioritize natural gas development to support Nigeria’s commitment to UN Sustainable Development Goals,” Komolafe said.
The conference, themed “Unlocking Nigeria’s Energy Potential: A Licensing Round for the Future,” brought together key leaders in the Nigerian oil and gas sector.
The commercial bid covered both the 2022/2023 Deep Offshore Licensing Round and the 2024 Licensing Round.
According to global energy reports from OPEC and the International Energy Agency (IEA), oil and gas will remain integral to the global energy mix, contributing over half of energy supplies by 2050.
Komolafe emphasized the strategic importance of natural gas as a transition fuel, particularly in countries like Nigeria, where energy access and affordability remain priorities.
He stressed the need for Nigeria to leverage its vast resources to meet domestic and global energy demands, calling for more frequent licensing rounds to achieve this objective.
Nigeria holds 209 trillion cubic feet of natural gas reserves and over 37 billion barrels of oil reserves, much of which remains untapped. The 2024 Licensing Round is designed to accelerate the development of these resources, driving exploration and maximizing their value.
Komolafe highlighted that the PIA mandates the NUPRC to conduct periodic licensing rounds to sustainably and competitively unlock Nigeria’s energy wealth.
“The 2024 Licensing Round, launched in May, represents a significant leap in our hydrocarbon development strategy. The licensing round offers twenty-four (24) carefully selected blocks spanning onshore, shallow water, and deep offshore terrains. Complementing these are the seven deep offshore blocks carried over from the 2022 Mini Bid Round, bringing the total to thirty-one (31) blocks. Together, these assets hold enormous potential for economic growth, energy security, and technological advancement,” Komolafe stated.
“This Licensing Round is more than a commercial exercise; it is a bold declaration that Nigeria is ready for business. It is an opportunity to unlock our hydrocarbon potential, increase production, attract new investors, and drive inclusive economic growth.”