Nigeria's New Oil License Auction: Reviving Production and Assets

Nigeria is set to start a new oil license auction in December 2025, according to the Nigerian Upstream Petroleum Regulatory Commission. The initiative aims to revitalize idle oil assets and increase production amid declining output. The focus will be on undeveloped fields and natural gas development in the Niger Delta.

Nigeria is poised to launch a fresh oil license auction in December 2025, as announced by the Nigerian Upstream Petroleum Regulatory Commission. The move, disclosed during a Tuesday meeting in London, is part of a strategic plan to tap into inactive assets and boost the country's oil production.

Gbenga Komolafe, head of the commission, stated that with the approval of the Minister of Petroleum Resources under the Petroleum Industry Act, the inaugural 2025 licensing round will commence on December 1. The auction will target discovered but undeveloped fields and fallow assets, placing a significant emphasis on natural gas development in the region.

Africa's leading oil producer aims to enhance production levels which have suffered over recent years due to lack of investment, operational sabotage, and regulatory hurdles. However, specific details on the number of blocks available remain undisclosed.

(With inputs from agencies.)