CEPRSD Commends NUPRC's Transparent Licensing Round

The Centre for Energy Policy, Research and Strategic Development (CEPRSD) commended Oritsemeyiwa Eyesan, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for his transparent and disciplined management of the 2025 oil and gas licensing round. Dr. Cletus Okpe, Executive Director of CEPRSD, stated that the emergence of 31 successful companies from 37 oil and gas blocks indicated the credibility of the bidding process and growing investor interest in Nigeria’s upstream sector.

The licensing round attracted bids for 37 of the 50 blocks offered, with 143 companies submitting 200 bids. Okpe emphasized the importance of financial discipline, requiring successful bidders to meet financial obligations before final awards to prevent speculative acquisitions.

He praised the commission's structured approach and the application of the "drill or drop" principle, which ensures that companies either develop their awarded blocks or relinquish them, thereby protecting government revenue and promoting responsible investment in Nigeria's petroleum resources.