Nigeria is targeting a minimum of 300,000 barrels per day (bpd) of crude oil and condensate as well as additional 500 million barrels reserve within the next three years from the 37 assets bided by oil firms in the ongoing Licensing Round being conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, stated this on Tuesday in Abuja at the Commercial Bid Conference for the Nigeria 2025 Licensing Round in which 50 oil blocks were initially put on offer but received interest in only in 37.
Eyesan explained that the bid round, which commenced eight months ago on the directive of President Bola Tinubu, was designed to open new opportunities and integrate Nigeria with the global community through a transparent process aligned with international best practices.
The NUPRC boss noted the journey was initiated by her predecessor, Mr. Gbenga Komolafe, and that her team had pledged to conclude both the technical and commercial bidding phase on July 21, 2026, as scheduled.
She said the Commission had kept that promise, turning the President’s guidance into tangible action.
She disclosed the licensing round attracted interest from about 300 companies across 50 available assets at inception.
After prequalification, 196 applicants were deemed eligible to advance to the bidding stage.
Eyesan added that by the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.
She said: “The assets available in this Licensing Round have potential to add about 500 million barrels to Nigeria’s reserves, increasing our existing reserves of crude oil and condensate—which currently stand at 37.01 billion barrels—and 215.19 trillion cubic feet of gas.
“Over the next three years, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production. This licensing round represents a vital step for Nigeria in achieving its goal of reaching three million barrels per day by 2030…
“These projections represent more than additional barrels. They represent increased government revenue, improved foreign-exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, employment creation, technology transfer and broader economic growth.”
The NUPRC boss described the participation as diverse, with new entrants testing their capabilities while established local and international players sought to expand and consolidate.
She said this validated the commission’s commitment to offering Nigerian opportunities on an equitable basis regardless of experience, and underscored continued confidence in Nigeria’s upstream potential.
On transparency, she stated that the Nigeria 2025 Licensing Round Guidelines provided clear information on participation rules, technical and commercial requirements, and evaluation criteria.
She added that these were further clarified through the Licensing Round Portal, Pre-Bid Conference, webinars, and dedicated enquiry channels.
To enhance integrity, Eyesan said the Nigeria Extractive Industries Transparency Initiative (NEITI) was present to observe the evaluation and bid-opening procedures.
She described NEITI’s involvement as evidence of Nigeria’s commitment to internationally recognised standards of accountability in natural resource management.
The NUPRC boss explained that the evaluation was rigorous but aimed at a simple objective: to place assets in the hands of bidders capable of delivering the best overall long-term value through increased reserves, higher production, sustainable fiscal returns and wider economic benefits.
She said each bid was assessed for competence and experience, organizational capacity, credibility of work programme, resource commitment and ability to deliver within timelines.
She noted that commercial evaluation would consider signature bonus, work programme commitment and performance security.
According to her, the winning bidder for each asset would be the one with the highest weighted aggregate score and the bid that delivered the best overall long-term value to government, not simply the highest immediate payment.
She stressed that petroleum acreage created value only when explored, appraised, developed and produced.
Eyesan projected that the assets available could add about 500 million barrels to Nigeria’s reserves, which currently stand at 37.01 billion barrels of crude oil and condensate, and 215.19 trillion cubic feet of gas.
She stated that once successfully developed, the 37 blocks were expected to contribute a minimum of 300,000 barrels per day of crude and condensate over the next three years.
She described the round as a vital step toward Nigeria’s goal of reaching three million barrels per day production by 2030.
The Commission Chief Executive pledged government’s support to new production from both small and large fields to broaden participation and promote industry collaboration.
She added that the commission prioritized not just growth but the production of “efficient barrels” that delivered value to all stakeholders.
She emphasized the projections meant increased government revenue, improved foreign-exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, employment creation, technology transfer and broader economic growth.
Issuing a warning to successful bidders, she declared that an award was not a trophy but an obligation to invest, drill, develop and produce.
She said the commission’s message was clear: drill or drop.
She insisted that work programmes must be implemented, financial commitments honoured and agreed milestones achieved.
She assured the commission would support credible operators through clear guidance, predictable regulatory decisions and timely intervention where genuine obstacles arose.
In return, she said, the commission expected performance, noting that acreage could not remain inactive while Nigeria’s production and energy-security objectives were deferred.
The NUPRC boss clarified that the announcement did not constitute the final grant of a Petroleum Prospecting Licence (PPL), explaining that each winning bidder must satisfy post-bid conditions in the guidelines, including provision of guarantees, payment of signature bonus and first-year rent, and execution of relevant documents.
She warned that any winning bidder that failed to fulfil the prescribed conditions within 90 days of receiving its offer letter would lose entitlement to the asset.
In such cases, she said, the commission could invite reserve bidders in order of ranking.
Eyesan reiterated that government was not seeking speculative holders of acreage but partners with capacity, discipline and commitment to deliver production.
Addressing unsuccessful bidders, she acknowledged the effort and resources invested in preparing bids and encouraged them to remain engaged.
She said Nigeria’s upstream industry offered opportunities beyond the current assets and restated the commission’s commitment to predictable and periodic licensing rounds.
She disclosed that President Tinubu had approved the commencement of the 2026 bid round, adding that another basket of opportunities would be available soon.
Peter Uzoho
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