Thirty one companies have emerged winners in the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 2025 Licensing Round, with frontier basins capturing unprecedented investor attention for the first time in the nation’s oil and gas history.
The keenly contested bidding process, which concluded at the Transcorp Event Center in Abuja on Tuesday, saw 143 companies submit 200 bids for 37 of the 50 oil and gas blocks originally put on offer.
The successful bidders will now proceed to final award upon payment of appropriate signature bonuses and approval from the Minister of Petroleum Resources, in accordance with the Petroleum Industry Act, 2021.
Historic Interest in Frontier Basins
The 37 blocks that attracted bids were drawn from diverse terrains including Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4), and Benue Trough (4). Notably, frontier basins including the Benue Trough, Chad Basin, Anambra Basin, and Benin Basin drew significant investor interest — a development that marks a historic first for Nigeria’s energy industry.
Thirteen of the 50 offered blocks failed to attract any bids.
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Winners
The successful companies and their allocated blocks include: SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), Gupsco Energy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62), Nuway Oaklane Limited (2A49), Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903), Highban Resources Limited (PPL 700), and Eyre Energy Limited (PPL 801).
Speaking at the event, NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan expressed gratitude to President Bola Tinubu for his support in delivering a seamless licensing round. She congratulated the winners while issuing a firm warning regarding compliance requirements.
“I urge the winners to pay their signature bonuses as quickly as possible and also develop their assets or risk losing them in line with the drill or drop provision enforced by the Commission,” Eyesan stated.
The commercial bid conference was closely monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industry and Transparency Initiative (NEITI), and several other stakeholders in compliance with extant laws.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X