NUPRC Sets 2025 Oil Licensing Round to Boost Investments in Nigeria's Oil Sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a date for the 2025 oil licensing round to boost investments in Africa's largest oil-producing country. The announcement was made by NUPRC's CEO, Gbenga Komolaf, aligning with the provisions of the Petroleum Industry Act (PIA) approved by President Bola Ahmed Tinubu.

The initiative aims to increase crude oil production by 1 million barrels per day (bpd) and attract financial investors to accelerate the country's oil sector growth. The event also featured discussions on Nigeria's rig count increase and opportunities for investors in the upstream industry.