NUPRC sets 2025 oil bid round for December
Nigeria will launch its 2025 oil and gas licensing round beginning in December, following presidential approval, according to Nigerian Upstream Petroleum Regulatory Commission Chief Executive Gbenga Komolafe. The announcement came during a petroleum investment forum held in London, where Komolafe emphasized that funding constraints represent the primary obstacle facing the upstream sector, with the commission working to connect investors and financial institutions to address capital challenges.
Komolafe reported that crude output has reached an average of 1.71 million barrels per day with peak production touching 1.83 million barrels, while authorities have approved 46 field development plans representing substantial investment commitments. The regulatory chief noted that rig activity has expanded beyond 60 units with at least 40 operating actively, signaling improved conditions for deepening investment stakes in the country.
House Committee Chairman Alhassan Ado Doguwa and Senate representative Eteng Williams assured attendees that legislative bodies would maintain stability in petroleum regulations and resist arbitrary modifications to existing frameworks that could discourage capital deployment.
