The Chief Executive of the the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, says that 50 oil and gas blocks across five sedimentary basins have been opened for bidding and exploration in the 2025 licensing round, warning that only technically competent and financially strong firms will be allowed to scale through the process.
Speaking on Wednesday during the 2025 licensing round pre-bid webinar, Eyesan stated that the exercise is designed to eliminate speculative participation and reposition Nigeria’s upstream sector as a transparent, rules-based destination for long-term investment.
Outlining the framework, evaluation criteria, and commercial terms guiding the bid process, Eyesan said that the licensing round should be viewed as a strategic intervention to grow reserves, improve production, and strengthen Nigeria’s energy security in a rapidly evolving global energy landscape.
“This upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility as we work together to shape the next phase of Nigeria’s upstream oil and gas industry,” she said.
According to her, the commission has adopted a strictly merit-based approach that places technical competence and financial capacity at the centre of the selection process.
She disclosed that the 50 oil and gas blocks on offer are spread across five of Nigeria’s seven sedimentary basins, giving investors access to both frontier and mature terrains.
“In this licensing round, 50 oil and gas blocks across Nigeria are available, allowing investors to access the country’s key basins and create long-term value,” she said.
Eyesan added that, with the approval of President Bola Tinubu, the Commission had reviewed the commercial structure of the bid round to lower entry barriers while discouraging unserious bidders.
She revealed that signature bonuses for the 2025 licensing round have been set within a $3m–$7m range, with greater emphasis placed on work programmes and speed to production.
The CCE said the new structure places greater emphasis on technical capability, credible work programmes, and speed to production, rather than aggressive cash bids, as Nigeria competes for mobile global capital amid tightening energy security and supply.
“With the approval of His Excellency, President Bola Tinubu, signature bonuses for the 2025 licensing round are now set within a value range of $3m–$7m that reduces entry barriers and places greater weight on what truly matters, technical capability, credible work programmes, financial strength, and the ability to deliver production within the shortest possible time,” she said.
According to her, the decision was informed by global capital mobility and the need to make Nigeria competitive in attracting serious, long-term upstream investors.
“This has been done deliberately to increase competitiveness and in response to capital mobility. The upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility,” Eyesan added.
GIK/APA