NUPRC Awards 37 Oil Blocks to 31 Companies in 2025 Licensing Round

Nigeria's 2025 Licensing Round has concluded with 31 companies winning rights to 37 oil and gas blocks. The Nigerian Upstream Petroleum Regulatory Commission oversaw this eight-month competitive process, announcing winners at a commercial bid conference held in Abuja.

Those who prevailed must satisfy signature bonus payments and other post-award requirements within 90 days; failure to do so will result in forfeiture to reserve bidders. Through this licensing initiative, Nigeria expects to add 500 million barrels to its proven crude reserves.

By 2030, the government targets production levels of three million barrels daily. Currently, the nation holds 37.01 billion barrels in reserves.

Participation was robust across all domestic oil basins, with 143 companies putting forward roughly 200 bids for the available assets, reflecting considerable investor confidence despite challenging global conditions. Initially, 50 blocks were placed on the market.

However, 13 of these failed to receive any offers and shall be returned to future licensing baskets. According to the NUPRC, bidding occurred under transparent conditions, although evaluation officials endured repeated intimidation and pressure throughout the exercise.

The regulator's successful completion of the process demonstrated its operational independence and procedural integrity. President Bola Tinubu has greenlit a subsequent licensing round scheduled for 2026, demonstrating government commitment to sustained upstream sector growth.

This represents Nigeria's third sequential competitive bidding round within the recent period, as explained by petroleum sector ministers and NUPRC executives at Tuesday's event in Abuja.