Nigeria Targets 500M Barrels with 37 Oil Well Licenses

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that Nigeria's oil reserves are expected to increase by 500 million barrels following the auction of 37 oil well licenses on Tuesday. Currently, Nigeria's oil reserves stand at 37.01 billion barrels.

NUPRC's Chief Executive Commission, Oritsemeyiwa Eyesan, reported that 143 companies bid for the licenses, while 13 did not participate. The auction process is designed to be transparent, with financial capital being a key factor in determining the winners.

Eyesan warned that any block left idle for three years would be revoked. The auctioned blocks are expected to contribute a minimum of 300,000 barrels per day to production over the next three years, supporting Nigeria's goal of reaching three million barrels per day by 2030.

Minister of State for Petroleum (Gas), Ekperikpe Ekpo, emphasized the importance of this licensing round for increasing gas reserves and supporting industrialization.