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Nigeria launches $10bn petroleum licensing round to boost production
Nigeria launches 2025 petroleum licensing round to attract $10bn investment and unlock up to two billion barrels of oil.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has launched the Nigeria 2025 Petroleum Licensing Round, aiming to attract $10 billion in new investments and unlock up to two billion barrels of crude oil reserves.
Also read: Nigeria crude oil exports plunge despite rising production in 2025
Unveiling the round on Monday, NUPRC Chief Executive Gbenga Komolafe said the initiative covers 50 oil and gas blocks across onshore, shallow-water, frontier, and deepwater terrains.
He described the exercise as a major step in revitalising exploration, expanding reserves, and boosting national production.
“The Nigerian Upstream Petroleum Regulatory Commission is proud to formally announce the commencement of the Nigeria 2025 licensing round and the launch of the licensing round online portal br2025.nuprc.gov.ng,” Komolafe said.
“This announcement is in line with Section 73 of the Petroleum Industry Act, 2021, which prescribes a fair, transparent, and competitive bidding process. Following the approval of President Bola Ahmed Tinubu, 50 blocks across diverse basins have been listed for exploration.”
Of the 50 blocks, 15 are onshore, 19 shallow water, 15 frontier, and 1 deepwater.
Projections indicate that full operationalisation of these assets could collectively deliver up to 400,000 barrels per day.
The 2025 round is expected to attract $10 billion in investments over the next decade.
Komolafe highlighted the two-stage bidding process, designed to ensure credibility and investor confidence.
Applicants must first pass a qualification stage, submitting extensive documentation, before proceeding to the technical and commercial bid stage.
Winners will be determined at the commercial round.
The Commission emphasised that the age of a company or date of incorporation is irrelevant; assessment focuses on technical capacity, professionalism, and financial capability.
The Chief Executive defended past licensing rounds, noting that the 2024 exercise was “massively successful” with awardees complying and advancing exploration activities.
Rig counts across the country have risen, reflecting active drilling and field development.
“Development of an asset is driven by human capital, technology, and funding, not the date of incorporation of a special-purpose vehicle,” Komolafe said.
“A newly registered company with the right expertise and funding can develop an asset faster than an older one without capacity.”
He also confirmed that signature bonuses are no longer a winning criterion.
Instead, a Bid Guarantee Requirement ensures that successful bidders proceed to field development.
The NUPRC chief added that the 2025 round builds on lessons from previous licensing rounds, integrating digital platforms, automated workflows, and improved data access.
The Commission plans global roadshows, including in Beijing, to attract investors with the financial and technical capacity to develop Nigeria’s hydrocarbon potential.
Also read: Nigeria Oil Production 2025 Surges Past 1.8m bpd, Boosting Budget Hopes
The Nigeria 2025 Petroleum Licensing Round is part of a broader strategy under the Petroleum Industry Act to rebuild confidence in the upstream sector, encourage indigenous participation, and reposition Nigeria as a competitive investment destination in Africa’s largest oil-producing nation.
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The Nigerian Air Force has confirmed that all 25 people aboard its ATR-42 aircraft, NAF 931, died after the aircraft crashed in the Igbokoda area of Ondo State.
The aircraft, which had five crew members and 20 passengers on board, was on a routine mission from Benin to Lagos when the NAF 931 aircraft crash occurred on Monday, October 5, 2026. Search-and-rescue operations were immediately activated following the accident.
The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, described the incident as a deeply painful moment for the Nigerian Air Force and the country, while extending condolences to the families, colleagues and loved ones of those who died.
Aneke assured the bereaved families of the Nigerian Air Force’s full support as they come to terms with the loss.
The Air Force said no survivors had been found and released the names of the five crew members and 20 passengers on board the aircraft.
The crew members were identified as Squadron Leader M.I. Aburime, Flight Captain; Squadron Leader A.P. Man-Ugwueje, Co-pilot; Flight Lieutenant I.S. Bako, Co-pilot; Warrant Officer A. Abubakar, Aircraft Technician; and Corporal H.C. Uguru, Aircraft Technician.
The 20 passengers were Flight Lieutenant T.L. Lazarus; Flight Lieutenant M. Akinloye; Flying Officer I.M. Adeshina; Master Warrant Officer F. Onwuka; Master Warrant Officer B.A. Matini; Warrant Officer F.S. Nuhu; Flight Sergeant R.B. James; Flight Sergeant A.I. Mohammed; Sergeant A.E. Ani; Sergeant S.I. Izibenikien; Sergeant C. Alafuka; Sergeant A.N. Mbadugha; Lance Corporal F.C. Ugwuba; Lance Corporal G.E. Eledan; Mrs Ezeh Nneka; Godstmine Tarabina; Joy Micheal; Sunday Micheal; Ukeme David; and Gideon Omotola.
The latest figure released by the Air Force differs from the initial information provided after the crash. Aviation Minister Festus Keyamo had initially said 32 people, comprising 25 passengers and seven crew members, were aboard the aircraft. The Nigerian Air Force subsequently clarified that the manifest contained 25 people, made up of five crew members and 20 passengers.
The aircraft crashed in a swampy area around Igbokoda, close to a naval base, after air traffic controllers lost contact with it at about 9:13am while it was travelling from Benin to Lagos. The wreckage was later located and rescue teams were deployed to the area.
The cause of the crash has not been established. The Chief of the Air Staff has directed a comprehensive investigation to determine the circumstances surrounding the accident.
President Bola Tinubu had also directed the Nigerian Air Force to conduct a thorough investigation into the crash and declared three days of national mourning for the personnel who died. He ordered that national flags be flown at half-mast throughout the country in honour of the victims.
The Air Force said it would continue to provide timely and verified information as the investigation progresses. It also urged members of the public to avoid speculation and the circulation of unverified information, while respecting the privacy and dignity of the affected families.
A condolence register has been opened at the Headquarters of the Nigerian Air Force in Abuja for senior government officials, members of the diplomatic corps, heads of security agencies and other well-wishers who wish to pay their respects and convey messages of sympathy to the families of the deceased and the Nigerian Air Force.
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