The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded the commercial bid conference for the Nigeria 2025 Licensing Round, marking the end of the eight-month process that began under a directive of President Bola Tinubu, to expand Nigeria’s integration with global energy markets.
In opening remarks at the conference on Tuesday in Abuja, the Commission Chief Executive, Oritsemeyiwa Eyesan, said the process had drawn interest from roughly 300 companies across 50 available assets.
She informed that following prequalification, 196 applicants advanced to the bidding stage, and by the submission deadline, 143 companies had filed 200 technical and commercial bids covering 37 assets.
Eyesan noted that the round moved through several stages, including registration, prequalification, data access, bid preparation, submission, technical evaluation, and finally the commercial bid opening, with the Nigeria Extractive Industries Transparency Initiative (NEITI) observing key evaluation and bid-opening procedures to reinforce accountability.
Winners will be determined by a weighted aggregate score combining technical evaluation with commercial factors including signature bonus, work programme commitment, and performance security, rather than by highest cash offer alone.
According to the Commission, the assets on offer could add about 500 million barrels to Nigeria’s reserves, which currently stand at 37.01 billion barrels of crude and condensate and 215.19 trillion cubic feet of gas, and are projected to yield at least 300,000 barrels per day of new production within three years, supporting Nigeria’s goal of reaching 3 million barrels per day by 2030.
The NUPRC boss cautioned successful bidders that Tuesday’s announcement does not itself constitute a final license grant, explaining that winners must meet post-bid conditions within 90 days, including guarantees, signature bonus and first-year rent payment, and contract execution, or forfeit the asset to reserve- ranked bidders.
“This government is not seeking speculative holders of acreage,’ she said, describing its approach as “drill or drop.”
The Commission also confirmed that President Tinubu has approved the launch of a 2026 licensing round, signalling continued, periodic access to acreage for investors.
