Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced that there will be another oil licensing bid round in 2025.
He made the announcement on Wednesday during the 2024 Licensing Round Commercial Bid Conference in Lagos, as the commission approaches the conclusion of the 2024 licensing round. Komolafe revealed that the NUPRC plans to make licensing rounds an annual event to help boost oil production in the country.
The 2025 licensing round will focus on unexplored assets, as the commission seeks to tap into new opportunities and address ongoing challenges in the sector. Komolafe emphasized the importance of strategic action to combat declining production levels and increased global competition, while also highlighting the transformative potential of the Petroleum Industry Act (PIA) in attracting investment and positioning Nigeria as a leader in the global oil market.
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