The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, is considering conducting oil licensing rounds twice a year to attract investment, bring new operators into the sector and increase Nigeria’s crude oil production. The Commission’s Chief Executive, Oritsemeyiwa Eyesan, says the regulator wants to establish a more predictable licensing cycle, with bid rounds held at least once […]
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, is considering conducting oil licensing rounds twice a year to attract investment, bring new operators into the sector and increase Nigeria’s crude oil production.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, says the regulator wants to establish a more predictable licensing cycle, with bid rounds held at least once every year and completed within six to seven months.
Eyesan says 37 of the 50 licences offered during the 2025 licensing round were awarded, with the assets expected to contribute about 300,000 barrels per day of additional production within their first three years.
She says the Commission is targeting between 300,000 and 600,000 barrels per day from successive licensing rounds.
Preparations are already underway for another round expected to begin in early October, which could include the 13 blocks that were not awarded in the previous exercise.
The NUPRC says future rounds will focus on commercially viable assets and encourage greater participation by indigenous operators as international oil companies reduce their presence in some onshore and shallow-water assets.
The Commission is also targeting between 30 and 50 billion dollars in new investments across 22 deepwater projects by 2030.
Eyesan expressed confidence that regular licensing, sustained investment and improved asset development could help Nigeria increase crude production to about four million barrels per day within the next eight to ten years.
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