Nigeria's NUPRC Lists 50 Oil Blocks in Licensing Round to Attract $10 Billion Investments

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled 50 oil blocks available for licensing in a bid to enhance investment, transparency, and exploration in the country's oil and gas sector. The blocks include onshore, shallow water, frontier assets, and deepwater blocks.

NUPRC's CEO, Gbenga Komolafe, expects the 2025 licensing round to attract $10 billion in investments and increase oil output by 2 billion barrels over the next 10 years. Bidders are required to submit bids ranging from $3 million to $7 million, with reduced entry barriers compared to previous years.

Winners will be granted petroleum prospect licenses for exploration activities.