The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) plans to hold a 2025 oil licensing round to unlock the potential of undeveloped discovered fields, often called “fallow assets.”
This declaration was made during the 2024 Commercial Bid Conference held at Eko Hotel & Suites in Lagos, where Gbenga Komolafe, the commission chief executive, highlighted the nation’s commitment to transparency, sustainability, and economic growth in its upstream petroleum sector.
Komolafe highlighted the strategic importance of fallow assets in boosting Nigeria’s energy output. These fields, which remain underutilized despite significant discoveries, represent a critical opportunity to increase production, create jobs, and attract foreign direct investment.
“NUPRC will launch another licensing round in 2025. Building on the lessons learned from this year’s round,” Komolafe said.
He added, “The 2025 exercise will focus on discovered but undeveloped fields (fallow assets) and prioritize natural gas development to support Nigeria’s commitment to UN Sustainable Development Goals.”.
Nigeria aims to redirect investments away from African competitors Angola and Namibia by streamlining the process of acquiring oil blocks.
