By Abasi Ita
The National Assembly has reaffirmed its full legislative backing for the 2025 Oil Licensing Round as the Nigerian Upstream Petroleum Regulatory Commission intensified engagement with prospective investors and key stakeholders in the oil and gas sector.
Chairman of the Senate Committee on Upstream, Senator Eteng Williams, and Chairman of the Senate Committee on Gas, Senator Jarigbe Agom Jarigbe, gave the assurance while speaking at a pre bid conference organised by the Commission in Lagos.
Speaking at the event, Senator Williams described the licensing round as a critical step towards boosting Nigeria’s crude oil production and securing the country’s economic future. He said the exercise aligns with the Federal Government’s Project One Million Barrels initiative, which aims to significantly increase daily oil output.
According to him, achieving the production target requires seriousness, transparency, and commitment from all stakeholders. He stressed that Nigeria must take full advantage of the licensing round to expand upstream activities and attract investment.
In his remarks, the Chairman of the Senate Committee on Gas, Senator Jarigbe, assured the Commission of the continued support of the National Assembly, noting that the legislature remains committed to policies and reforms that strengthen Nigeria’s energy sector.
Jarigbe, who represents Cross River North Senatorial District, said the 2025 Oil Licensing Round is of particular interest due to its emphasis on the development of Nigeria’s vast natural gas resources. He expressed optimism that the country’s estimated 209 trillion cubic feet of gas reserves would be more effectively harnessed to drive economic growth and enhance energy security.
He also noted that the Petroleum Industry Act enacted by the National Assembly has significantly improved investor confidence in the oil and gas sector by promoting credibility, transparency, and fairness in industry operations.
The pre bid conference was aimed at clarifying the modalities, expectations, and regulatory framework guiding the 2025 Oil Licensing Round, under which 50 oil and gas blocks are being offered for development.
The session was hosted by the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Mrs Oritsemeyiwa Eyesan. It was attended by the Minister of State for Petroleum Resources Oil, Senator Heineken Lokpobiri; Chairman of the House Committee on Upstream, Hon Alhassan Ado Doguwa; and other senior government officials.
Also present were members of the Oil Producers Trade Section, the Independent Petroleum Producers Group, emerging industry operators, and other stakeholders across the oil and gas value chain.
The 2025 Oil Licensing Round is expected to attract significant local and international investment and is regarded as a strategic step towards strengthening Nigeria’s upstream sector, deepening gas development, enhancing energy security, and driving sustainable economic growth.