NUPRC: 2025 oil licensing round could add 500 million barrels to Nigeria’s reserves

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says assets offered in its 2025 oil licensing round could add about 500 million barrels to Nigeria’s crude oil reserves and at least 300,000 barrels per day (bpd) of crude oil and condensate production within five years.

The NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed this in a speech delivered at the 2026 Energy Conference organised by the Association of Energy Correspondents of Nigeria (NAEC) in Lagos on Thursday.

Eyesan, who was represented by the Commission’s Head of Corporate Communications and Media, Lagos Office, Temisan Olatunde, said the projected production would depend on the successful development of the awarded assets and could support Nigeria’s target of producing three million barrels of crude oil per day by 2030.

• “Subject to successful development, the assets offered in the 2025 round have the potential to add about 500 million barrels to our crude oil reserves.
• “They are expected to contribute at least 300,000 barrels per day of crude oil and condensate within the next five years,” she said.

2025 licensing round targets higher production

Eyesan said the NUPRC had conducted licensing rounds in 2022/23, 2024 and 2025, with the 2026 round already launched as part of efforts to increase exploration, production, employment and government revenue.

She said the 2025 exercise generated strong investor interest, particularly in frontier basins such as the Anambra and Benin basins.

• “That tells me the world is looking at the geology of Nigeria, not only the Niger Delta,” she said.

The commission is providing technical data through its licensing platform to enable prospective investors to assess assets and make informed investment decisions.

Eyesan said the NUPRC would apply published criteria consistently to eligible local and international investors to ensure transparency and a level playing field.

The commission is also using its licensing portal, virtual data room, webinars and helpdesk to improve engagement with investors during the licensing process.

NUPRC accelerates drilling approvals

Eyesan said the commission was also working to accelerate upstream approvals and support increased drilling and production.

According to her, 77 wells have been successfully re-entered and 128 wells were approved for drilling in 2026.

• She said the success of the licensing programme would ultimately depend on the investment required to develop the awarded blocks and bring them into production.
• The NUPRC chief executive reiterated the commission’s commitment to transparent and predictable licensing processes to attract long-term investment into Nigeria’s upstream sector.
• Earlier, the Chairman of the conference and Group Managing Director of Sahara Power Group, Kola Adesina, said access to energy assets must translate into productive economic activity.

Adesina urged investors to focus on how acquired assets could generate sustainable economic value rather than simply securing ownership.

He said reliable energy supply could support manufacturing, logistics and other economic activities around investments in the sector.

FG opens 2026 bid round

The Federal Government opened the 2026 oil and gas licensing round on Wednesday, offering 40 blocks across land, shallow-water and deepwater terrains to local and international investors.

• The latest exercise follows the 2025 licensing round, in which 31 companies emerged winners of 37 oil and gas blocks after a competitive bidding process.
• The 2025 round expanded beyond established producing areas, with offerings covering frontier basins including the Benue Trough, Chad Basin and Anambra Basin.

The NUPRC’s latest projection means successful development of the 2025 assets could add a significant volume to Nigeria’s reserves while providing additional production capacity as the country seeks to raise output towards three million bpd by 2030.