31 firms win 37 oil blocs in 2025 licensing round

Thirty-one indigenous and international companies have emerged successful bidders for 37 oil and gas assets in Nigeria’s 2025 Licensing Round following a competitive commercial bid process organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The successful bidders were announced on Tuesday at the Commercial Bid Conference in Abuja after 143 companies submitted about 200 commercial bids for 37 of the 50 oil and gas blocs initially offered.

The licensing round attracted strong investor interest across onshore, shallow water and deep offshore assets in the Niger Delta, as well as frontier basins in the Benue Trough, Chad Basin, Anambra Basin and Benin Basin. However, 13 of the blocks failed to attract bids.

The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

NUPRC said the successful bidders would only receive Petroleum Prospecting Licences after meeting all post-award conditions, including payment of the applicable signature bonuses and obtaining the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA) 2021.

A major highlight of the exercise was the strong investor interest recorded in Nigeria’s frontier basins, with assets in the Benue, Chad, Anambra and Benin basins attracting competitive bids on an unprecedented scale.

Speaking after the exercise, the Commission Chief Executive, Oritsemeyiwa Eyesan, described the licensing round as a major milestone in Nigeria’s efforts to attract investment into the upstream petroleum sector.

“I want to sincerely thank Mr. President for his unwavering support, which enabled the Commission to conduct a transparent, competitive and seamless licensing round that has strengthened investor confidence in Nigeria’s upstream sector,” she said.

Congratulating the successful bidders, Eyesan reminded them that securing an oil block marked the beginning of their obligations.

“I congratulate all the successful bidders. The next step is for you to complete the payment of your signature bonuses promptly so that the process can be concluded,” she said.

She warned that the commission would strictly enforce the Petroleum Industry Act’s “drill or drop” provisions to ensure the assets are developed.

“Beyond that, the Commission will strictly enforce the ‘drill or drop’ provisions of the Petroleum Industry Act. We expect every awardee to move swiftly to develop these assets because our objective is increased production, reserves growth and value creation for the Nigerian people,” Eyesan added.

She said the licensing process was conducted under strict transparency standards and monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative and other stakeholders to ensure compliance with existing laws and international best practices.

The commission said the 2025 Licensing Round is expected to stimulate exploration activities, attract fresh investment into Nigeria’s upstream oil and gas sector, increase crude oil production and expand the country’s hydrocarbon reserves.