The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the pre-qualification stage of the 2025 Licensing Round and shortlisted bidders for the 50 oil blocks offered by the Commission.
It said it has notified successful pre-qualified applicants.
NUPRC made this known in a statement released on Tuesday, March 17, signed by the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu.
According to the statement, the pre-qualification process was completed on Monday, March 16, in line with the 2025 Licensing Round Guidelines, setting the stage for the next phase of the exercise.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) wishes to inform the public that it has completed the pre-qualification stage of the 2025 Licensing Round and has notified successful pre-qualified applicants accordingly.
“This was done on March 16, 2026, in line with the 2025 Licensing Round Guidelines,” part of the statement reads.
NUPRC said that, following the completion of the pre-qualification stage, the next step will be to give the shortlisted applicants access to subsurface data, beginning Tuesday, March 17, 2026, in preparation for the technical and commercial bid submissions.
“Please note, pre-qualified applicants are mandated to lease data only from the two data sources (as applicable) and upload evidence of payment as a prerequisite to the submission of bids,” the Commission added, directing the public to visit the NUPRC licensing round portal: https://br2025.nuprc.gov.ng for more details.
The NUPRC formally launched the 2025 oil licensing round in December 2025, following President Bola Tinubu’s approval of the exercise, to attract fresh investments in Nigeria’s upstream petroleum sector and boost oil production.
The upstream regulator announced that 50 oil and gas blocks located across shallow offshore, deepwater and onshore terrains in Nigeria were on offer to prospective bidders.
The Commission set a target of attracting over $10 billion in investments in the oil and gas sector and adding two million barrels of oil production.
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The Commission closed the Pre-qualification exercise on February 27 in accordance with Section 11.2 of the Licensing Round Guidelines.
The Commission introduced a five-stage process for the 2025 Licensing Round exercise. These include: Registration and Pre-qualification, data prying/purchase, Technical bid submission, Technical bid Evaluation and commercial bid conference.
Pinnacle Daily reports that the Commission had stressed that the bidding process would be digital and transparent and that the selection of successful bidders would be based on merit. NUPRC affirmed that it would focus on technical competence and financial capacity for selecting bidders for the oil wells.
Commenting on the move, a financial services firm, Commercio Partners, said the shortlist of bidders has removed uncertainty for investors, signalling that the 2025 licensing round is now firmly on an executable trajectory.
“By clearing the pre-qualification hurdle and granting data access starting March 17, the regulator has effectively shifted market focus to the competitive bidding expected in the coming months,” the firm stated.
It said the development would likely rekindle investor confidence in NUPRC’s consistency, especially its emphasis on transparent data access.
“For participating companies, the ability to now conduct technical evaluations based on verified subsurface information will drive more aggressive offers for high-potential blocks,” it added.
The firm also noted that the sharp reduction of the signature bonus structure to between $3 million and $7 million, down from a high of $200 million in previous years, has significantly lowered the financial barrier to entry, altering the risk-reward calculus for both international oil companies and independents.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X