UK Energy Watchdog Applauds Nigeria's $10B Oil Licensing Round for Transparency and Investment

The UK Energy Watchdog has commended Nigeria's $10 billion oil licensing round, describing it as a global benchmark for transparency and investor-friendly practices. The launch of the 2025 licensing round portal by Nigeria's NUPRC received international praise.

Engr. Gbenga Komolafe, the Chief Executive of NUPRC, emphasized aligning Nigeria's oil and gas licensing with international standards.

Dr. Jonathan Whitfield, NUPRC's Executive Director, highlighted the move towards a fully digital licensing process to ensure transparency and attract investments, projecting an addition of two billion barrels to Nigeria's reserves over the next decade.

The initiative aims to potentially produce 400,000 barrels per day and focus on gas utilization and job creation.