JUST IN: Nigeria returns 13 oil blocks after 196 firms qualify for commercial bid
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that 196 companies have qualified for the commercial bid stage of the 2025 oil licensing round, whilst 13 of the 50 oil blocks initially offered failed to attract bids and will be returned to the government’s licensing basket.
Prospects Mrs Eyesan stated that the assets on offer have the potential to add about 500 million barrels to Nigeria’s crude oil reserves and unlock an additional 300,000 barrels of oil per day within the next three years.” She said the licensing round is central to Nigeria’s ambition of increasing crude oil production to three million barrels per day by 2030, whilst broadening participation across both small and large fields.
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