…Eyes 500m barrels
The Federal Government is pushing to add at least 500 million barrels of crude to Nigeria’s national oil reserves, intensifying exploration and field development efforts with the 2025 licensing round.
The licensing round at inception attracted interest from around 300 companies across 50 available assets, however, after the prequalification process and submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets out of 50 assets offered by the government.
Speaking during the commercial bid conference in Abuja on Tuesday, Oritsemeyiwa Eyesan, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) explained that the assets available in the licensing round have potential to add about 500 million barrels to Nigeria’s reserves, increasing the nation’s existing reserves of crude oil and condensate—which currently stand at 37.01 billion barrels and 215.19 trillion cubic feet of gas.
According to Eyesan, once successfully developed, these assets
This post was originally published on this site.
