NUPRC awards 37 oil blocks to 31 firms in Nigeria's 2025 Licensing Round
Nigerian Upstream Petroleum Regulatory Commission announced 31 companies won 37 oil and gas blocks in the 2025 Licensing Round, announced Tuesday following a bid conference at Abuja's Transcorp Event Centre on July 21, 2026. The awards cover 16 onshore Niger Delta, 18 shallow water, 1 deep offshore, 3 Benin Basin, 4 each in Anambra, Chad and Benue Basins - marking first major investor interest in frontier basins.
Winning companies include SSonic Petroleum, CFP Pipeline, Dutchford E&P, Attabanson Global, Rosem Energy, Pivot-GIS, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy, Saratoga, Volante, Concept-Reel, Clinton Oil Field, Nuway Oaklane, Ramec, Italia, Blueridge E&P, Up Energies, AYM Shafa, Blackrock Holdings, Funtay Integrated, Riparian Development, Nikstallis, Stardeep Petroleum, Dakoda & U, Southborne Oil, Lanaka Petroleum, Highban Resources, and Eyre Energy.
NUPRC CEO Oritsemeyiwa Eyesan urged winners to pay signature bonuses (now $3-7 million per block, down from $10M in 2024 and ~$200M previously) promptly and develop assets or risk losing them under the 'drill or drop' provision in the Petroleum Industry Act 2021. The reduced bonus aims to boost investment after poor response to previous rounds.
With signature bonuses slashed to attract investors, will this licensing round actually boost Nigeria's oil production and national revenue, or risk undervaluing the country's hydrocarbon assets?