Thirty-one indigenous and international companies have emerged as successful bidders for 37 oil and gas assets in Nigeria’s 2025 Licensing Round after 143 companies submitted 200 commercial bids for 37 of the 50 oil and gas blocks initially offered.
The winners emerged on Tuesday at the Commercial Bid Conference, one of the country’s most competitive upstream bid exercises in recent years, organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
The exercise saw investors compete keenly for assets across the Niger Delta onshore, shallow water and deep offshore terrains, as well as frontier basins, including the Benin, Chad, Anambra and Benue basins, while 13 blocks failed to attract bids.
The successful companies include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, and Clinton Oil Field.
Others are Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited, and Eyre Energy Limited.
The Commission said the successful bidders would only receive final awards after paying the applicable signature bonuses and obtaining the approval of the Minister of Petroleum Resources in accordance with the Petroleum Industry Act (PIA), 2021.
A major highlight of the exercise was the unprecedented interest shown in Nigeria’s frontier basins, with assets in the Benue Trough, Chad Basin, Anambra Basin and Benin Basin attracting competitive bids for the first time on this scale.
Speaking after the exercise, the Commission Chief Executive of the NUPRC, Engr. Gbenga Komolafe, described the licensing round as another milestone in Nigeria’s drive to attract quality investment into the upstream petroleum sector and expressed appreciation to President Bola Tinubu for providing the policy support that made the exercise possible.
He said: “I want to sincerely thank Mr. President for his unwavering support, which enabled the Commission to conduct a transparent, competitive and seamless licensing round that has strengthened investor confidence in Nigeria’s upstream sector.”
Congratulating the successful bidders, Komolafe, however, warned that winning a block was only the beginning of the investment journey.
“I congratulate all the successful bidders. The next step is for you to complete the payment of your signature bonuses promptly so that the process can be concluded.
“Beyond that, the Commission will strictly enforce the ‘drill or drop’ provisions of the Petroleum Industry Act. We expect every awardee to move swiftly to develop these assets because our objective is increased production, reserves growth and value creation for the Nigerian people.”
According to him, the licensing process was conducted under strict transparency standards and monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI), and other stakeholders to ensure compliance with existing laws and global best practices.
The 2025 Licensing Round is expected to boost exploration activities, attract fresh investments into Nigeria’s upstream sector, and support the Federal Government’s drive to increase crude oil production and expand the country’s hydrocarbon reserves.
