Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission, has said that a new round of oil licensing bids will take place in 2025.
Komolafe said this on Wednesday during the Lagos 2024 Licensing Round Commercial Bid Conference.
This occurs when the commission approaches the conclusion of the licensing round for 2024.
He claims that in order to increase oil output, the commission has chosen to make licensing rounds an annual occurrence.
The 2025 cycle, according to Komolafe in a Punch report, would concentrate on untapped assets.
“Ladies and gentlemen, while we are proud of our recent achievements as industry stakeholders, we must remain mindful of the challenges ahead. Declining production levels and increased global competition demand strategic action.
“Fortunately, the Petroleum Industry Act has given us a unique opportunity to transform the industry, attract investment, and position Nigeria as a leader.
“To this end, I am pleased to announce that the NUPRC will launch another licensing round in 2025. Building on the lessons learned from this year’s round, the 2025 exercise will focus on discovered and undeveloped fields, fallow assets, and prioritise natural gas development to support Nigeria’s commitment to the UN Sustainable Development Goals,” he announced.
Komolafe went on to explain that the regulator has made a commitment to regaining the trust of investors in the sector, which it has done by making sure its operations comply with the Petroleum Industry Act.
The NUPRC boss added that the commission has started recovering idle assets based on the ‘drill or drop’ provision of the Petroleum Industry Act.
FG names new owners of oil wells in Nigeria
Legit reported that the Nigerian government has placed a successful proposal in the current round of oil licensing for 2024.
On Wednesday, December 18, 2024, the commercial bid conference in Lagos revealed the victors.
Reports state that MRS Oil and Gas won the PPL 303-DO after defeating NNPC E&P.
