The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday moved to attract additional investment in the oil and gas sector, with the announcement of the commencement of the 2025 licensing round from December 1, 2025.
Commission Chief Executive (CCE) of the NUPRC, Gbenga Komolafe, made the announcement at the NUPRC’s ‘Project 1MMBOPD’ Additional Production Investment Forum in London, UK, a statement by the Head, Media and Strategic Communication of the commission, Eniola Akinkuotu, stated.
Apart from signalling new investment into the upstream sector, the new bid round is meant to improve government revenue, significantly shift the structure of players in the sector (as foreign oil companies continue divestment) and strengthen implementation of the Petroleum Industry Act (PIA).
Besides, a transparent bid round will test whether the new regulatory framework under the Petroleum Industry Act can operate as promised and if well managed can boost industry confidence in the sector. At the event, Komolafe added that the announcement was in line with the (PIA) following the approval of President Bola Tinubu who doubles as the Minister of Petroleum Resources in Nigeria.
