Investors Avoid 13 Oil Blocks in Nigeria's 2025 Licensing Round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that 13 oil and gas blocks were shunned by investors during the 2025 Licensing Round, primarily located in Nigeria's frontier basins. Oritsemeyiwa Eyesan, Chief Executive of NUPRC, stated that the government anticipated this outcome due to insufficient de-risking of the frontier assets to attract commercial investment.

The assets include PPL 2A31, PPL 2A34, PPL 2A35, PPL 2A36, PPL 2A37, PPL 2A52, PPL 307, PPL 309, PPL 701, PPL 702, PPL 703, PPL 802, and PPL 803. During the licensing round, 50 blocks were offered, but only 37 received bids.

The successful assets are projected to unlock approximately 500 million barrels of crude oil reserves and two trillion cubic feet of natural gas, increasing Nigeria’s crude production by 300,000 barrels per day. Eyesan indicated that the commission would enhance exploration activities and acquire additional geological data to improve investor confidence before reintroducing the assets to the market.