—To grow reserve by 500m barrels
By Obas Esiedesa, Abuja
The Federal Government has said the ongoing 2025 Licensing Round is expected to deliver an additional 300,000 barrels per day of crude oil and condensate production over the next three years, as it prepares to launch another bid round in 2026 to accelerate investment in Nigeria’s upstream petroleum sector.
Speaking at the Commercial Bid Conference for the Nigeria 2025 Licensing Round in Abuja on Tuesday, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eyisan, said the new production would support the government’s target of raising national oil output to three million barrels per day by 2030.
She disclosed that the assets on offer have the potential to add about 500 million barrels to Nigeria’s crude oil and condensate reserves, currently estimated at 37.01 billion barrels, while also contributing to the country’s 215.19 trillion cubic feet of gas reserves.
