The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has announced that there will be another oil licensing bid round in 2025.
Komolafe made this statement on Wednesday at the 2024 Licensing Round Commercial Bid Conference in Lagos.
This comes as the commission nears the end of the 2024 licensing round.
According to him, the commission has decided to make licensing rounds an annual event to boost oil production.
Komolafe said the 2025 round would focus on unexplored assets.
“Ladies and gentlemen, while we are proud of our recent achievements as industry stakeholders, we must remain mindful of the challenges ahead. Declining production levels and increased global competition demand strategic action.
