Key points
- NUPRC says 143 prequalified companies submitted 200 technical and commercial bids for 37 oil and gas assets.
- The assets are projected to add at least 300,000 barrels per day of crude oil and condensate production within three years.
- The licensing round attracted about 300 companies, with 196 prequalified for the bidding stage.
- Successful bidders must meet all post-award conditions within 90 days or forfeit their awards.
Main story
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 143 prequalified companies have submitted 200 technical and commercial bids for 37 oil and gas assets in the ongoing Nigeria 2025 Licensing Round.
The Commission Chief Executive, Mrs Onitsemeyiwa Eyesan, disclosed this on Monday during the Commercial Bid Conference for the licensing round in Abuja.
According to Eyesan, the assets are expected to contribute at least 300,000 barrels per day of crude oil and condensate production within three years of development.
She said the licensing round attracted about 300 companies when it was launched, with 50 oil and gas assets offered for bidding. Following the prequalification exercise, 196 companies qualified to participate in the bidding stage.
“The licensing round has progressed through several distinct phases, including registration, prequalification, data access, bid preparation and submission.
“Subsequently, technical evaluation was conducted and today we are presenting both the technical and commercial bid submissions to identify the new awardees.
“To reinforce trust, the commencement of this licensing round attracted interest from around 300 companies across 50 available assets. After the prequalification process, 196 applicants were deemed eligible to advance to the bidding stage.
“By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.
“New entrants are leveraging this opportunity to test their capabilities, while both local and international players are seeking to expand their presence and further consolidate their positions,” she said.
Eyesan explained that the commercial bid opening would determine the successful bidders after combining commercial scores with the technical evaluation results.
She said the winning company for each asset would be selected based on the highest weighted aggregate score, taking into account the signature bonus, work programme commitment and performance security.
According to her, the assets on offer have the potential to add about 500 million barrels to Nigeria’s crude oil reserves and support the country’s target of producing three million barrels of crude oil per day by 2030.
She added that successful bidders would still be required to fulfil post-award obligations, including payment of signature bonuses, first-year rent, provision of guarantees and execution of contractual documents before Petroleum Prospecting Licences (PPLs) are issued.
Eyesan warned that any successful bidder that failed to meet the conditions within 90 days of receiving an offer letter would lose the award, while the commission could invite reserve bidders.
She reaffirmed the commission’s commitment to transparent and competitive licensing rounds and disclosed that President Bola Tinubu had approved the commencement of the 2026 Licensing Round.
The issues
Nigeria is using periodic licensing rounds to attract fresh upstream investment, increase crude oil reserves and boost production as part of its strategy to achieve three million barrels per day by 2030.
What’s being said
“By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.” — Onitsemeyiwa Eyesan, Commission Chief Executive, NUPRC
What’s next
NUPRC will complete the commercial evaluation, announce successful bidders and require them to satisfy all post-award obligations before Petroleum Prospecting Licences are granted.
Bottom line
Strong participation in the 2025 Licensing Round reflects continued investor interest in Nigeria’s upstream sector, with the awarded assets expected to boost reserves and support higher oil production over the coming years.
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