Nigeria will begin a fresh round of oil licensee auction from next month, the oil regulator said on Tuesday in London, as part of plans to revive idle assets and grow production.
"We are announcing that we are ready, following the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, to commence the 2025 licensing round beginning from December 1, 2025," said Gbenga Komolafe, head of Nigerian Upstream Petroluem Regulatory Commission.
Komolafe said last year the regulator will hold these auctions yearly and focus on discovered, but undeveloped, fields and fallow assets in the Niger Delta, with a strong emphasis on natural gas development.
The commission did not offer details on how many blocks were on offer.
Africa’s top oil producer is seeking to boost production after years of declining output due to a lack of investment, sabotage and regulatory uncertainty.
(Reuters - Reporting by Isaac Anyaogu, Editing by Louise Heavens)