FALLOW ASSETS: NUPRC Announces 2025 Licensing Round To Harness Undeveloped Field
Nigeria’s premier petroleum regulatory body, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced plans for the 2025 licensing round, aimed at unlocking the potential of fallow assets.
The announcement was made at the 2024 Commercial Bid Conference, held in Lagos.
The Commission’s Chief Executive, Engr. Gbenga Komolafe, emphasized NUPRC’s dedication to transparency, sustainability, and economic growth in the Upstream Petroleum sector. He highlighted the strategic value of fallow assets in enhancing Nigeria’s energy production.
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According to him, despite significant discoveries, many fields remain undeveloped, representing a substantial opportunity to boost output, create jobs, and attract foreign direct investment.
The CCE noted that the 2025 Licensing Round would build on lessons learned from this year’s exercise. He added that it would focus on fallow assets and prioritize natural gas development, aligning with Nigeria’s commitment to the UN Sustainable Development Goals.
This initiative, he explained, aims to strengthen Nigeria’s position in the African Oil and Gas sector, countering competition from Angola and Namibia.
Engr. Komolafe further stated that by improving the ease of acquiring oil blocks, Nigeria hopes to retain investments and secure its place as a leading energy producer on the continent.