Abuja — Nigeria’s next oil and gas licensing round is set to commence in just under a week, following the formal approval of President and Minister of Petroleum Resources, Bola Ahmed Tinubu last month.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the round will open on 1 December, marking a significant step in the government’s ongoing drive to attract fresh investment into the upstream sector.
According to the Commission Chief Executive (CCE), Engr. Gbenga Komolafe, the industry has shown notable activity ahead of the round.
He disclosed that 46 Field Development Plans (FDPs) have been approved from January 2025 to date—commitments which, he noted, represent immediate investment inflows and the potential for near-term production growth.
Engr Komolafe further highlighted that Nigeria’s rig count has risen to over 60, with at least 40 actively drilling, a level of activity he described as a strong signal of renewed investor confidence.
He added that the current momentum makes this “the best time for existing investors to deepen their stake in Nigeria,” underscoring the favourable environment as the country prepares to open new bid opportunities.
