NUPRC Chief Woos Investors with Transparent Oil Licensing Round
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has promised to deliver a transparent 2025 oil licensing round to boost investment in oil and gas sector.
The bid portal would go live on its website on Dec. 1, 2025. Mr Gbenga Komolafe, Chief Executive of the commission, said this when the management team of the Ludoil Energy of Italy visited NUPRC corporate headquarters in Abuja.
In a statement, Komolafe said the licensing round would feature two stages, explaining that first would be the technical phase and then those who scale through would progress to the commercial phase.
“The portal for the licensing round will go live on December 1.
“The licensing round will be transparent and fair in line with the provisions of the Petroleum Industry Act (PIA 2021). We do not discriminate. We invite all potential investors to participate.
“The process will be digitised such that winners would know immediately after the exercise whether they won or not. There is no bureaucracy involved,” he said.
Komolafe said the PIA had restored confidence in Nigeria’s energy sector and provided a stable regulatory atmosphere. The NUPRC boss therefore told the Ludoil Energy executives that this was the best time to invest in Nigeria.
He argued that with over 37 billion barrels of proven oil reserves as well as its current status as Africa’s largest crude oil producer, Nigeria remained the best place in Africa to invest.
According to Komolafe, Nigeria, with a coastline of over 853 km, has a strategic advantage of its crude getting to the European market even faster than that of the United States. He, therefore, enjoined the investors to take advantage of this opportunity.
Mr Paolo Fedeli, Group Chief Technical Officer, Ludoil Energy SPA, said it was presently operating in the Republic of Congo but was seeking to expand its footprint in Africa, starting with Nigeria because of its potentials.
Fedeli said that Ludoil Energy was keen on participating in the 2025 licensing round. “We are seeing Nigeria as our next target for growth because Nigeria is the largest producer in Africa. Your next round of licensing is an opportunity for us,” he said.
