NUPRC Sets Deadline for Oil Block Winners' Payments

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned 31 companies that won 37 oil and gas blocks in the 2025 Licensing Round to pay their signature bonuses within the stipulated timeframe or risk forfeiting their provisional awards. This warning was issued one month after the commercial bid conference held in Abuja, where the winners were announced.

The NUPRC stated that compliance with the payment of signature bonuses has commenced following the issuance of provisional awards. Winners who fail to make the payments within the required period, as mandated by the Petroleum Industry Act, will lose their bid guarantee and provisional awards to reserve bidders.

The licensing round included Petroleum Prospecting Licences across various regions, including the Niger Delta and deep offshore areas. Successful bidders must pay signature bonuses ranging from $3 million to $7 million per block and fulfill other post-award conditions within 90 days.

Mrs Oritsemeyiwa Eyesan, the NUPRC's Chief Executive Officer, urged prompt payment to facilitate the development of awarded assets.