NUPRC Projects 500 Million Barrels from 2025 Licensing Round
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that the 2025 oil licensing round could add approximately 500 million barrels to Nigeria's crude oil reserves and at least 300,000 barrels per day (bpd) of crude oil and condensate production within five years. NUPRC Chief Executive Oritsemeyiwa Eyesan, represented by Temisan Olatunde, disclosed this at the 2026 Energy Conference in Lagos.
The projected production is contingent upon the successful development of awarded assets, which could help Nigeria achieve its target of producing three million barrels per day by 2030. The NUPRC has conducted licensing rounds in 2022/23, 2024, and 2025, with the 2026 round recently launched, offering 40 blocks to investors.
The 2025 exercise has attracted strong interest, particularly in frontier basins like Anambra and Benin. The commission is enhancing investor engagement through its licensing platform and has approved 128 wells for drilling in 2026.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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