SEATTLE (Oil Monster): Nigeria has officially opened its 2025 oil licensing round, offering 50 new upstream blocks for bidding as the country aims to revive crude production levels and attract major international and domestic investment. The announcement was made on Monday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), marking one of the country’s most significant exploration initiatives in recent years.
According to NUPRC Chief Executive Gbenga Komolafe, the available assets include 15 onshore blocks, 19 shallow-water blocks, 15 frontier basin assets and one deepwater block, expanding opportunities across diverse geological terrains. Komolafe noted that the new licensing round is projected to draw as much as $10 billion in investment and could add up to 2 billion barrels of new reserves over the next decade.
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When fully developed, the blocks could collectively contribute around 400,000 barrels per day of additional production, supporting Nigeria’s broader goal of restoring output levels that have declined due to underinvestment, theft, and operational disruptions.
Komolafe also stated that winners from the 2024 licensing round have already paid signature bonuses and are progressing through exploration and early development phases. However, he cautioned that production growth will take time to materialize, emphasizing: “The fact that a licensing round was done last year does not immediately translate into additional barrels.”
