Thirty-one oil and gas companies have emerged successful bidders for 37 petroleum blocks in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) 2025 Licensing Round, paving the way for fresh investments expected to boost crude oil production and expand the country’s hydrocarbon reserves.
The winners were announced on Tuesday at the commercial bid conference in Abuja, bringing to a close an eight-month licensing exercise that attracted nearly 300 expressions of interest before narrowing to 143 qualified companies, which submitted 200 technical and commercial bids for 37 of the 50 blocks offered.
Thirteen oil blocks received no bids, largely because they are located in frontier basins that require further geological studies and risk reduction before becoming commercially attractive to investors.
The offered assets span Nigeria’s major hydrocarbon provinces, including the Niger Delta Onshore, Shallow Water, Deep Offshore, Benin Basin, Anambra Basin, Chad Basin, and the Benue Trough.
However, NUPRC clarified that the successful firms would only receive their Petroleum Prospecting Licences (PPLs) after paying the required signature bonuses, obtaining ministerial approval and fulfilling all post-award conditions stipulated under the Petroleum Industry Act (PIA) 2021.
Among the successful bidders are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot GIS Limited, Network E&P, Asharami, LexOil, Gupsco Energy Limited, Saratoga, Volante, Concept Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Blueridge E&P, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Lanaka Petroleum and Eyre Energy Limited, among others.
Speaking at the event, NUPRC Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, described the licensing round as a major milestone in Nigeria’s upstream petroleum industry, noting that the process was conducted in line with President Bola Tinubu’s directive on transparency, fairness and global best practices.
She disclosed that the newly awarded assets have the potential to add about 500 million barrels to Nigeria’s crude oil and condensate reserves, increasing the country’s current reserve base of 37.01 billion barrels, while complementing its 215.19 trillion cubic feet of proven natural gas reserves.
Eyesan further projected that the fields could deliver an additional 300,000 barrels of crude oil per day within three years, supporting the Federal Government’s target of raising national production to three million barrels per day by 2030.
According to her, the expected increase in production would generate higher government revenues, boost foreign exchange earnings, create jobs, encourage technology transfer, strengthen indigenous service companies and stimulate broader economic growth.
She stressed that the commission’s objective was not merely to allocate oil acreage but to ensure that the nation’s petroleum resources are developed by investors with the technical and financial capacity to unlock their full value.
Issuing a strong warning to the successful bidders, Eyesan declared that winning a licence was not an end in itself but a commitment to develop the assets.
“An award is not a trophy to be held. It is an obligation to invest, drill, develop and produce. Our message is clear: drill or drop,” she said.
She warned that any company that fails to meet all post-award obligations within 90 days of receiving its offer letter would automatically forfeit the licence, after which the commission could invite reserve bidders to take over the assets.
Explaining why 13 blocks attracted no interest, Eyesan said the affected assets are located mainly in frontier basins where further geological studies and exploration are required before investors can confidently commit resources.
She assured stakeholders that NUPRC would undertake additional work to de-risk the assets before re-offering them in future licensing rounds.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the exercise as another significant milestone in Nigeria’s petroleum sector, saying the Tinubu administration remains committed to creating an investor-friendly environment capable of accelerating exploration and unlocking the country’s vast hydrocarbon resources.
He noted that the Petroleum Industry Act has strengthened investor confidence by providing regulatory certainty, transparency and improved ease of doing business.
Also speaking, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said Nigeria remained one of the world’s most attractive destinations for oil and gas investment, citing the country’s strategic location and abundant energy resources.
Lokpobiri praised the Petroleum Industry Act for replacing discretionary allocation of oil blocks with a transparent and competitive bidding process, while cautioning successful bidders against treating the licences as speculative assets rather than investment opportunities.
The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders to ensure transparency and compliance with statutory requirements.
The signature bonuses payable for the awarded blocks range between $3 million and $7 million, depending on the location and characteristics of each asset.
