The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that 143 prequalified companies submitted a total of 200 technical and commercial bids for 37 oil and gas assets under the ongoing Nigeria 2025 Licensing Round, highlighting growing investor confidence in the country’s energy sector.
Speaking at the Commercial Bid Conference in Abuja on Monday, the Commission Chief Executive, Mrs. Onitsemeyiwa Eyesan, said the assets being offered are expected to deliver at least 300,000 barrels of crude oil and condensate per day within three years of development.
Eyesan described the licensing exercise as a major milestone in Nigeria’s drive to boost hydrocarbon production, strengthen energy security and attract fresh investments into the upstream petroleum industry.
According to her, the process has moved through several stages, including registration, prequalification, data access, bid preparation, bid submission and technical evaluation. The commission is now at the stage of reviewing both technical and commercial bids to determine the successful awardees.
She revealed that the licensing round initially attracted interest from nearly 300 companies competing for 50 available oil and gas assets. Following a rigorous prequalification exercise, 196 applicants were cleared to proceed to the bidding phase.
“By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets,” Eyesan said.
She noted that the exercise drew participation from a diverse mix of industry players, with new entrants using the opportunity to establish themselves in the sector, while existing local and international operators sought to expand their portfolios and strengthen their market positions.
The NUPRC chief explained that the commercial bid opening would play a decisive role in determining the eventual winners. Successful bidders will emerge based on a combination of their commercial and technical performance scores.
Under the evaluation framework, companies will be assessed on factors such as signature bonus commitments, proposed work programmes and performance guarantees. The bidder with the highest weighted aggregate score for each asset will secure the award.
Beyond attracting investment, Eyesan said the assets being offered have the capacity to add approximately 500 million barrels to Nigeria’s proven crude oil reserves. She added that their development would significantly contribute to the Federal Government’s ambitious target of raising national crude oil production to three million barrels per day by 2030.
However, she stressed that emerging as a preferred bidder does not automatically guarantee the award of a licence. Successful companies must still fulfil a series of post-award obligations, including payment of signature bonuses, settlement of first-year rents, provision of required guarantees and execution of all contractual agreements before Petroleum Prospecting Licences (PPLs) can be issued.
Eyesan issued a strong warning to prospective winners, stating that any company that fails to meet the stipulated conditions within 90 days of receiving an offer letter risks losing the asset.
According to her, the commission reserves the right to invite reserve bidders to take over any asset forfeited by a defaulting winner.
Reaffirming NUPRC’s commitment to transparency, fairness and competitiveness, Eyesan said the commission remains focused on conducting licensing rounds on a regular basis to sustain investment inflows and industry growth.
She also disclosed that President Bola Tinubu has approved the commencement of the 2026 Licensing Round, signalling the government’s determination to maintain momentum in expanding Nigeria’s oil and gas sector and unlocking new opportunities for investors.
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