The Federal Government has announced plans to increase Nigeria’s crude oil and condensate production by an additional 300,000 barrels per day (bpd) over the next three years through the ongoing licensing bid round.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the licensing exercise is expected to unlock significant investment in the country’s upstream petroleum sector while adding an estimated 500 million barrels to Nigeria’s oil reserves.
Speaking during the commercial bid conference, the commission said the initiative forms part of the Federal Government’s broader strategy to boost oil production, attract investors, and strengthen the nation’s energy security.
The government offered 37 oil and gas blocks to qualified investors, with officials stressing that only companies capable of developing the assets efficiently will retain the licences. The NUPRC also noted that idle oil blocks would not be allowed to remain undeveloped.
The agency further revealed that the additional production will support the Federal Government’s ₦68.32 trillion 2026 budget, which is based on a crude oil production benchmark of 1.84 million barrels per day. Authorities believe sustained investments and the successful execution of upstream projects will significantly improve Nigeria’s production capacity in the coming years.
The bid round attracted strong industry interest, with more than 140 companies participating in the competitive process, underscoring renewed investor confidence in Nigeria’s oil and gas sector
