FG Announces 50 Oil Blocks for Bidding in New Licensing Round
- The federal government, through NUPRC, has opened 50 oil and gas blocks for bidding
- NUPRC is very particular about investors with strong financial backing and technical expertise
- The licensing process will follow a five-stage merit-based system with digital tools ensuring transparency
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened 50 oil and gas blocks across five sedimentary basins for bidding and exploration in the 2025 licensing round.
The commission stressed that only technically competent and financially strong firms will be allowed to progress.
Source: Getty Images
The NUPRC expects the 2025 licensing round to attract around $10 billion in new investments.
New oil well for grab
The move is aimed at eliminating speculative participation and repositioning Nigeria’s upstream sector as a transparent, rules-based destination for long-term investment.
Commission Chief Executive Oritsemeyiwa Eyesan announced the development on Wednesday during a pre-bid webinar, outlining the framework, evaluation criteria, and commercial terms guiding the bidding process.
Eyesan stated:
“This upstream sector is serious business. It is for long-term investment, and it is an open invitation to partnership, transparency, and shared responsibility as we work together to shape the next phase of Nigeria’s upstream oil and gas industry."
She emphasised that the licensing round would follow a merit-based approach, placing technical competence and financial capacity at the centre of the selection process, Punch reports.
She added:
“Only candidates with strong technical and financial credentials, professionalism, and credible plans will move forward. Winners will be chosen through a transparent, merit-based process that takes you from award to exploration, appraisal, and ultimately full production."
The 50 blocks are spread across five of Nigeria’s seven sedimentary basins, offering investors access to both frontier and mature terrains.
Signature bonuses for the round have been set between $3 million and $7 million, reducing entry barriers while prioritizing technical capability, credible work programmes, and speed to production, Eyesan said, adding that the approach aims to attract serious, long-term upstream investors amid tightening global energy supply.
The licensing process will follow five stages: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference. Digital tools will be deployed to ensure transparency and compliance with the Petroleum Industry Act (PIA) 2021.
Source: Getty Images
Eyesan said:
“The bid process will comply strictly with the PIA, promote the use of digital tools for smooth data access, and remain open to public, international, and institutional scrutiny through NEITI and other oversight agencies."
Vanguard reports that Amber Ndoma-Egba, NUPRC Director of Lease Administration, Exploration and Acreage Management, said technical evaluations would focus on subsurface understanding, exploration work programmes, development concepts, sustainability, host community plans, and lifecycle management.
Ndoma-Egba noted:
“Technically weak firms will not scale through this process."
He also confirmed that winners would be selected based on a weighted combination of technical and commercial scores.
Oil production level rise
Earlier, Legit.ng reported that Nigeria’s crude oil output increased notably in July 2025, reaching an average of 1.71 million barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The total production included 1.507 million barrels per day of crude oil and 204,864 barrels per day of condensates.
Source: Legit.ng
