Nigeria's NUPRC to Boost Oil Output with Annual Licensing

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Chief Executive Oritsemeyiwa Eyesan, is implementing a strategy to hold licensing rounds annually, with the possibility of biannual events, to increase Nigeria's crude oil production from approximately 1.5 million barrels per day (bpd) to a long-term goal of 4 million bpd by 2030. Eyesan, who assumed her role last year, emphasized the need for a strict annual cycle with a turnaround time of six to seven months for licensing.

The commission's approach includes "drill-or-drop" clauses to discourage idle concessions and aims to attract new operators, especially as international majors like Shell and ExxonMobil have exited onshore fields. The upcoming July 2025 bid round is expected to be Nigeria's largest, with projections to add 300,000 bpd within three years.

Additionally, the NUPRC plans to route all domestic crude to local refiners by 2030 and is developing a compliance trading platform for crude suppliers.