NUPRC Opens 50 Oil Blocks in Nigeria for Bidding in 2025 Licensing Round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the opening of 50 oil blocks for bidding across five sedimentary basins in Nigeria. The Chief Executive, Oritsemeyiwa Eyesan, highlighted the need for technically competent and financially strong firms to participate in the 2025 licensing round to drive long-term investments in Nigeria's upstream sector.

The bidding process will prioritize transparency, merit-based selection, and the ability to deliver results efficiently. The licensing round, approved by President Bola Tinubu, aims to promote strategic interventions to grow reserves, enhance production, and strengthen Nigeria's energy security amidst the evolving global energy landscape.

The process will follow a five-stage evaluation process, emphasizing technical capabilities, credible work programs, and financial strength. The signature bonus for the 2025 licensing round is set within the range of $3 million to $7 million to reduce entry barriers and attract serious long-term investors.

The entire process is designed to comply with the Petroleum Industry Act 2021 and leverage digital tools for transparency and public scrutiny.