The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 oil and gas licensing round is expected to add about 500 million barrels to Nigeria’s crude oil reserves as newly awarded blocks move into exploration and development….
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 oil and gas licensing round is expected to add about 500 million barrels to Nigeria’s crude oil reserves as newly awarded blocks move into exploration and development.
Speaking at the Commercial Bid Conference in Abuja, the Commission’s Chief Executive Officer, Oritsemeyiwa Eyesan, said the additional reserves would boost Nigeria’s current crude oil and condensate reserves of 37.01 billion barrels.
“The assets available in this licensing round have the potential to add about 500 million barrels to Nigeria’s reserves, increasing our existing reserves of crude oil and condensate, which currently stand at 37.01 billion barrels, and 215.19 trillion cubic feet of gas,” she said.
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A total of 31 companies emerged successful after 143 firms submitted 200 bids for 37 oil and gas blocks across the Niger Delta, Benue Trough, Chad Basin, Anambra Basin and Benin Basin.
Explaining why 13 frontier blocks attracted no bids, Eyesan said the outcome was expected because the assets have yet to be de-risked.
“When we launched the bid, we were very transparent and explained that some of these assets are in frontier basins. Frontier means they have not yet been de-risked, so we were not surprised when some of the assets returned with no bidders,” she said.
She added that the commission would continue to recover underperforming assets from existing operators and return them to the licensing pool.
“The reason why we are in the market is because of the blocks we have recovered from existing operators. It is a continuous exercise, and assets that meet the threshold will be brought back into the basket,” Eyesan said.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria remains an attractive destination for energy investments.
“The assets on offer are among the most valuable assets that one can think of anywhere in the world because of Nigeria’s strategic location in the Gulf of Guinea,” he said.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the licensing round would support the Federal Government’s Decade of Gas initiative.
“With one of the largest proven natural gas reserves in the world, abundant oil resources, a growing domestic market and a reform-oriented government, Nigeria remains one of the most attractive investment destinations in the global energy market,” Ekpo said