The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has pledged to deliver a transpaent 2025 licensing round, scheduled to commence in December.
Commission Chief Executive of the NUPRC, Engr. Gbenga Komolafe, made the pledge while receiving the executives of Ludoil Energy of Italy at the Commission’s corporate headquarters in Abuja.
The Head, Corporate Communications and Media, NUPRC, Eniola Akinkuotu, in a statement on Friday, quoted the CCE to have revealed that the Bid portal would go live on the Commission’s website on December 1, 2025.
According to him, the licensing round would undergo two stages. First would be the technical phase and then those who scale through will progress to the commercial phase.
He said, “The portal for the licensing round will go live on December 1. The licensing round will be transparent and fair in line with the provisions of the PIA, 2021. We do not discriminate. We invite all potential investors to participate.
“The process will be digitised such that winners would know immediately after the exercise whether they won or not. There is no bureaucracy involved.”
The NUPRC boss said the Petroleum Industry Act had restored confidence in Nigeria’s energy sector and provided a stable regulatory atmosphere.
He therefore told the Ludoil Energy executives that this was the best time to invest in Nigeria.
Engr. Komolafe argued that with over 37 billion barrels of proven oil reserves as well as its current status as Africa’s largest crude oil producer, Nigeria remained the best place in Africa to invest.
He further noted that with a coastline of over 853km, Nigeria had a strategic advantage of its crude getting to the European market even faster than that of the United States.
The NUPRC helmsman therefore called on investors to take advantage of this opportunity.
In his remarks, the Group Chief Technical Officer, LudoilEnergy SPA, Mr. Paolo Fedeli, said the company is presently operating in the Republic of Congo but was seeking to expand its footprint in Africa, starting with Nigeria because of its potential as Africa’s largest oil producer.
Mr. Fedeli added that Ludoil Energy was keen on participating in the 2025 licensing round.
“We are seeing Nigeria as our next target for growth because Nigeria is the largest producer in Africa. Your next round of licensing is an opportunity for us,” Mr. Fedeli said.
