New Billionaires to Emerge as FG Opens 50 Oil, Gas Blocks For Sale, Announces Date to Apply
- The Nigerian government has announced plans to open bids for about 50 oil and gas blocks as it deepens upstream investment drive
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that the process will start on December 1
- The announcement marks one of the country’s most ambitious upstream offerings in recent years
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria is moving ahead with a major oil and gas expansion plan as the government prepares to open 50 exploration blocks to investors in the 2025 petroleum licensing round.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the process will begin on December 1, following a recent approval by President Bola Tinubu.
Source: Getty Images
The announcement marks one of the country’s most ambitious upstream offerings in recent years, signalling a renewed push to attract capital inflow and close gaps in exploration.
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According to the commission, the licensing round covers blocks across various terrains, including onshore, shallow-water, and deepwater zones located in different geological basins.
Blocks spread across multiple terrains
The range of assets reflects the country’s strategic intention to diversify investment opportunities and stimulate fresh activity in relatively untapped areas.
The NUPRC explained that the licensing exercise will take place under the regulatory framework of the Petroleum Industry Act (PIA) 2021, which reformed Nigeria’s upstream sector.
The PIA is expected to guide investor participation, governance rules, and fiscal terms throughout the process.
Once the bid portal goes live, investors will be able to access technical data, purchase requirements, and detailed guidelines for participation.
The commission has positioned the licensing round as part of ongoing efforts to strengthen transparency in the sector.
The framework is designed to give investors clear terms and encourage competition among bidders.
Global investor engagement campaign begins
To build momentum ahead of the bid opening, NUPRC is launching an engagement campaign targeted at international stakeholders.
The commission will host a pre-bid conference in Lagos on December 17 to brief industry players and provide a preview of the assets.
Following that, the government will begin a series of promotional roadshows in major energy and financial hubs.
The rollout will begin in Dubai on January 5, 2026, then continue in Singapore on January 8, Beijing on January 12, and Houston on January 19.
The sessions will introduce the available oil blocks, present technical and legal requirements, and outline the government’s strategy for attracting high-profile global operators.
NUPRC said the international engagements are intended to provide clarity and build investor confidence around Nigeria’s regulatory framework, financing mechanisms, and upstream reforms.
Transparency, growth and energy security as key priorities
The commission described the licensing round as a significant step toward increasing Nigeria’s oil reserves and stimulating fresh investments in the upstream segment.
It also stressed a commitment to competitive evaluation and a technology-driven selection process.
A report by PetroleumPriceNG disclosed that beyond revenue, the NUPRC said the government is targeting operators who can demonstrate capability in safety, operational excellence, and environmental management.
These standards, it emphasized, will shape how the awarded blocks are developed and operated.
Source: Facebook
Officials expressed confidence that the upcoming bid round will attract strong international participation and help reposition Nigeria in the global energy industry.
According to the commission, the country remains committed to strengthening investor trust and expanding its footprint in the global energy market.
Group commends NUPRC, Komolafe for oil reforms
Legit.ng earlier reported that the Renewed Hope Ambassadors Network (RHAN), a group aligned with President Bola Tinubu, has commended the leadership of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for their dedication to implementing reforms in the oil and gas sector.
In an assessment report released by the group, RHAN praised the strides made by the NUPRC in enforcing the provisions of the Petroleum Industry Act (PIA).
The group acknowledged that under Komolafe’s leadership, the commission has streamlined regulatory processes, improved operational efficiency, and fostered a more transparent and investment-friendly environment.
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Source: Legit.ng
