Key points
- Thirty-one companies emerged successful bidders for 37 oil and gas blocks in the 2025 Licensing Round.
- A total of 143 companies submitted 200 bids for 37 of the 50 blocks offered.
- Frontier basins, including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin, attracted bids for the first time.
- NUPRC said winners must pay signature bonuses and develop the assets or risk losing the licences under its “drill or drop” policy.
Main story
Thirty-one companies have emerged as successful bidders for 37 oil and gas blocks following the commercial bid conference of the 2025 Licensing Round organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
The News Agency of Nigeria (NAN) reports that 143 companies submitted 200 bids for 37 of the 50 oil and gas blocks offered in the licensing exercise.
The blocks span multiple geological terrains, including 16 Niger Delta onshore blocks, 18 Niger Delta shallow water blocks, one Niger Delta deep offshore block, three Benin Basin onshore blocks, four Anambra Basin onshore blocks, four Chad Basin onshore blocks and four Benue Trough onshore blocks.
Of the 50 blocks offered, 37 attracted bids, while 13 received no submissions.
The 37 contested blocks included assets in frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin, marking the first time these areas have attracted this level of investor interest in a Nigerian licensing round.
Successful bidders include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), Gupsco Energy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62), Nuway Oaklane Limited (2A49), Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL 308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903), Highban Resources Limited (PPL 700) and Eyre Energy Limited (PPL 801).
Speaking at the conference, the Commission Chief Executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the successful companies would receive their final awards after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA), 2021.
She thanked President Bola Tinubu for supporting the commission in delivering the licensing round.
Eyesan also urged the successful bidders to promptly pay their signature bonuses and begin developing the awarded assets, warning that undeveloped licences could be revoked under the commission’s “drill or drop” policy.
The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industry Transparency Initiative (NEITI) and other stakeholders.
The issues
The 2025 Licensing Round forms part of Nigeria’s strategy to increase exploration, boost crude oil and gas production, attract investment and expand development into frontier basins under the Petroleum Industry Act.
What’s being said
“Successful bidders should pay their signature bonuses as quickly as possible and also develop their assets or risk losing them in line with the drill or drop provision.” — Oritsemeyiwa Eyesan, Commission Chief Executive, NUPRC
What’s next
Successful bidders are expected to fulfil post-award conditions, including payment of signature bonuses and ministerial approval, before licences are formally granted and exploration activities commence.
Bottom line
The conclusion of the 2025 Licensing Round marks another step in Nigeria’s upstream investment drive, with frontier basins attracting unprecedented investor interest alongside renewed emphasis on timely field development.
