31 Firms Secure 37 Oil and Gas Blocks in Nigeria

Thirty-one companies have been awarded 37 oil and gas blocks in Nigeria's 2025 Licensing Round, as announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) following a commercial bid conference held in Abuja on Tuesday. The bidding process attracted 143 companies that submitted approximately 200 bids for 37 of the 50 blocks available.

The awarded blocks are situated across various regions, including the Niger Delta onshore, shallow water, deep offshore areas, and the Benin, Anambra, Chad basins, and the Benue Trough. Notably, 13 of the offered blocks received no bids.

This licensing round marked a significant milestone as it was the first time Nigeria's frontier basins attracted considerable investor interest. The NUPRC stated that successful bidders would receive final awards after paying required signature bonuses and obtaining approval from the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA) 2021.

NUPRC Chief Executive Oritsemeyiwa Eyesan urged prompt payment and development of the awarded assets, warning that undeveloped assets could be withdrawn under the commission’s “drill or drop” policy.