FG speaks on next oil bid round after declaring new owners of oil well Nexovant
- The CEO of the Nigerian Upstream Petroleum Regulatory Commission said a fresh round of oil license bids would be held in 2025
- This comes at a time when the commission is nearing the conclusion of the 2024 licensing round
- Gbenga Komolafe, NUPRC’s CEO, further explained that the regulator has pledged to win back the confidence of industry investors
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
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.
The regulator has made a commitment to regaining the trust of investors in the sector. Photo Credit: Contributor
Source: Getty Images
Komolafe said this on Wednesday, December 18, 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 the commission has chosen to make licensing rounds an annual occurrence to increase oil output.
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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 committed to regaining the trust of investors in the sector by ensuring that its operations comply with the Petroleum Industry Act.
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The NUPRC boss added that the commission has started recovering idle assets based on the Petroleum Industry Act’s ‘drill or drop’ provision.
FG names new owners of oil wells in Nigeria
Legit.ng earlier reported that the Nigerian government successfully proposed the current round of oil licensing for 2024.
At an event in Lagos on Wednesday, December 18, 2024, the MRS Oil and Gas won the PPL 303-DO after defeating NNPC E&P.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
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