NUPRC Targets $10 Billion Investments in Nigerian Oil Blocks by 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has introduced a bid portal to attract $10 billion investments in 50 oil and gas blocks by 2025. The initiative, led by NUPRC's CEO Gbenga Komolafe, aims to enhance transparency and competitiveness in the licensing process, replacing previous opaque practices.
President Bola Ahmed Tinubu approved the licensing round, offering various blocks across different terrains to boost reserves, production capacity, job creation, and indigenous participation. The project targets attracting investments, increasing oil reserves, and delivering significant daily oil production by 2025.
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