The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened 50 oil and gas blocks across five sedimentary basins for the 2025 licensing round, emphasizing that only firms with strong technical expertise and financial capacity will be considered.
The move is part of a broader strategy to attract serious, long-term investors, eliminate speculative participation, and position Nigeria’s upstream sector as a transparent, rules-based investment destination.
NUPRC Chief Executive Oritsemeyiwa Eyesan made the announcement during a pre-bid webinar on Wednesday, outlining the framework, evaluation criteria, and commercial terms for the licensing round.
“This upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility as we work together to shape the next phase of Nigeria’s oil and gas industry,” Eyesan said.
The 50 blocks cover both frontier and mature terrains in five of Nigeria’s seven sedimentary basins, offering investors access to strategic reserves with potential for significant production growth.
The licensing round will follow a five-stage process: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference. All steps will comply with the Petroleum Industry Act 2021, with digital platforms deployed to ensure transparency and public accountability.
Eyesan stressed that the evaluation process will be strictly merit-based, prioritizing technical competence, credible work programs, financial strength, and speed to production rather than aggressive cash bids.
“Only candidates with strong technical and financial credentials, professionalism, and credible plans will move forward. Winners will be chosen through a transparent, merit-based process that takes you from award to exploration, appraisal, and ultimately full production,” she said.
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With President Bola Tinubu’s approval, signature bonuses for the 2025 round have been set between US$3 million and US$7 million, lowering entry barriers while discouraging unserious bidders. The new structure emphasizes work programs and production delivery, aligning Nigeria’s upstream sector with global investment mobility and energy security trends.
“This has been done deliberately to increase competitiveness and attract long-term capital. The focus is on technical capability, credible work programs, financial strength, and the ability to deliver production in the shortest possible time,” Eyesan added.
The NUPRC emphasized that the licensing round is a strategic intervention to grow reserves, enhance production, and strengthen Nigeria’s energy security amid a rapidly evolving global energy landscape.
