Nigeria lowers oil licensing entry fees to attract investors and raise crude oil production under the 2025 round.
The Federal Government has reduced entry costs for Nigeria’s 2025 oil licensing round in a bid to attract new investors, boost crude oil production and improve transparency in the upstream sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said signature bonuses have been cut to between $3 million and $7 million, down from $10 million in 2024 and nearly $200 million in earlier years.
According to the commission, the move is aimed at lowering entry barriers and shifting focus from high cash bids to technical capacity, financial strength and speed to production.
A total of 50 oil and gas blocks are on offer, including onshore, shallow-water, frontier basin and deepwater assets. The government is targeting an increase in oil output from 1.5 million to 2.7 million barrels per day by 2027.
NUPRC Chief Executive Officer Oritsemeyiwa Eyesan said the licensing round will be fully digital, with oversight from transparency agencies, and only technically and financially qualified firms will be considered.
The 2025 round, launched on December 1, is expected to attract about $10 billion in new upstream investments.
.jpeg)
.jpeg)
0 Comments