NUPRC To Announce Winners of 50 Oil, Gas Blocks on July 21
- Nigeria's upstream regulator, NUPRC, has set a date to reveal successful bidders for 50 oil and gas blocks
- The 2025 Licensing Round is expected to pull in roughly $10 billion in fresh investment across five major hydrocarbon basins
- Winning companies will receive Petroleum Prospecting Licences and begin formal contract execution between July and October 2026
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will name the successful bidders for 50 oil and gas blocks on Tuesday, July 21, 2026, during its Commercial Bid Conference, bringing an eight-month licensing exercise to a close.
President Bola Tinubu approved the 2025 Licensing Round on December 1, 2025, under the Petroleum Industry Act (PIA) 2021.
Source: Getty Images
Nigeria's $10 Billion Investment Target
The round covers 15 onshore blocks, 19 shallow-water blocks, 15 frontier blocks and one deep-offshore block, spread across the Niger Delta, Chad Basin, Benue Trough, Anambra Basin and Bida Basin.
NUPRC projected the round would draw approximately $10 billion in new capital, help unlock discovered but undeveloped fields and dormant assets, and accelerate natural gas output.
The commission described it as the third licensing round conducted under the PIA framework, reflecting the federal government's broader push to strengthen energy security and stimulate upstream activity.
The bid process ran through five stages: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and the Commercial Bid Conference.
Pre-qualified applicants received notification on March 16, 2026, while technical and commercial bid submissions closed on June 12.
How Winners Will Be Selected
NUPRC said the selection process is merit-based, weighing both technical competence and commercial proposals.
The federal government set signature bonuses at between $3 million and $7 million per block, with any bid falling outside that range automatically disqualified.
Where two or more companies submit identical highest bids, the commission will conduct a sealed rebid to identify the winner.
The commission added:
"Companies with outstanding government liabilities, weak development track records or regulatory non-compliance risked disqualification at any stage."
Successful companies will be awarded Petroleum Prospecting Licences and may operate under either a Concession or a Production Sharing Contract framework, with the chosen model governing fiscal terms for up to 20 years.
Source: UGC
Bidders were also required to submit host community development plans and commit 3% of operating expenditure to Host Community Development Trusts, in line with the PIA.
Environmental, social and governance standards and decarbonisation commitments also formed part of the evaluation criteria.
Following the July 21 announcement, NUPRC expects ministerial approval and formal contract signing to take place between July and October 2026, after which licences will become legally effective.
The 2025 round follows the award of Petroleum Prospecting Licences to 12 companies across 19 blocks from the 2024 licensing round, as the government continues its strategy of expanding exploration and attracting long-term upstream investment.
Crude oil prices rise above N100
Earlier, Legit.ng reported that Global oil prices surged sharply on Monday, April 13, after Donald Trump announced a naval blockade targeting Iran, raising fears of supply disruption across international energy markets.
Brent crude, the global benchmark, rose more than 8% to trade above $103 per barrel on Monday, crossing the psychologically significant $100 threshold for the first time since last week, when prices briefly surged past $111 per barrel.
US West Texas Intermediate (WTI) also climbed to $104.90 per barrel as of 05:25 AM (WAT), reflecting renewed risk sentiment among traders.
Source: Legit.ng
