By Benson Daniel
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded the commercial phase of its 2025 Licensing Round, announcing 31 companies as successful bidders for 37 oil and gas blocks while warning that delays in meeting post-award obligations could result in the forfeiture of the awarded assets.
The announcement marked the conclusion of an eight-month licensing exercise that attracted significant interest from investors in Nigeria’s upstream petroleum industry. A total of 143 companies submitted nearly 200 bids for 37 oil and gas blocks from the 50 assets offered during the licensing round.
Speaking at the close of the commercial bid conference, the commission said all successful bidders must complete statutory post-award requirements, including payment of signature bonuses, execution of relevant agreements and fulfillment of regulatory obligations, within 90 days of receiving their award letters. It warned that any company that fails to meet the deadline would lose the awarded block, which would then be offered to reserve bidders.
NUPRC emphasized that being named a preferred bidder does not automatically confer ownership of an oil block. According to the commission, companies must fully comply with the provisions of the Petroleum Industry Act (PIA) 2021 before Petroleum Prospecting Licences can be issued.
The commission also revealed that members of its evaluation team came under pressure and received threats during the licensing process. Despite the challenges, the team maintained professionalism and ensured that the exercise was conducted transparently and in line with established regulatory standards.
NUPRC said the Federal Government remains committed to ensuring that awarded oil assets are developed within the stipulated timeframe rather than being held for speculative purposes. It noted that the successful companies are expected to invest in exploration and production activities that will increase Nigeria’s crude oil output, boost government revenue, attract fresh investments and create employment opportunities.
Industry stakeholders believe the successful completion of the licensing round will strengthen investor confidence in Nigeria’s upstream petroleum sector, expand the country’s hydrocarbon reserves and support efforts to enhance energy security and economic growth.
The commission reiterated that it will closely monitor compliance with all post-award conditions and urged successful bidders to begin the necessary processes immediately to avoid losing their allocations.
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