FG offers 50 oil blocks, targets $10bn in 2025 licensing round

The NUPRC has launched the portal for the 2025 Licensing Round, offering 50 oil and gas blocks aimed at attracting $10bn in new investments. The Commission said the round is expected to add 2 billion barrels to national reserves over the next decade.

At a press briefing on Monday, Commission Chief Executive, Engr. Gbenga Komolafe, announced that the blocks span onshore, shallow-water, frontier basins, and deepwater terrains. They include 15 onshore blocks, 19 shallow-water blocks, 15 frontier assets, and 1 deepwater block. When fully developed, the assets could deliver up to 400,000 barrels per day.

The NUPRC highlighted key objectives of the 2025 round: boosting reserves, increasing production, expanding gas utilisation, generating thousands of jobs, enhancing indigenous participation, and strengthening transparency in line with EITI standards.

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