NUPRC targets 300,000 bpd production boost as 143 companies submit 200 bids for 37 oil and gas assets
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the ongoing 2025 Licensing Round could add about 500 million barrels to the nation’s hydrocarbon reserves, marking a significant step toward achieving the government’s target of three million barrels per day by 2030.
Speaking at the Commercial Bid Conference in Abuja on Tuesday, Chief Executive of the Nigeria Upstream Petroleum Regulatory a Commission (NUPRC) Oritsemeyiwa Eyesan disclosed that the 37 oil and gas assets on offer have the potential to increase Nigeria’s existing reserves of 37.01 billion barrels of crude oil and condensate, and 215.19 trillion cubic feet of gas.
“These projections represent more than additional barrels; they represent increased government revenue, improved foreign-exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, employment creation, technology transfer and broader economic growth,” Eyesan stated.
The licensing round, which commenced eight months ago following President Bola Ahmed Tinubu’s directive for transparent and internationally competitive processes, attracted interest from approximately 300 companies across 50 available assets. Following prequalification, 196 applicants advanced to the bidding stage, with 143 companies submitting 200 technical and commercial bids covering 37 assets.
Thirteen of the initially offered blocks failed to attract bids and will be returned to the licensing basket for future rounds.
Eyesan emphasised that the 2025 Licensing Round represents more than a bidding exercise, noting that once successfully developed, the assets are expected to contribute at least 300,000 barrels per day of crude oil and condensate production within the next three years.
She said that the evaluation process, observed by the Nigeria Extractive Industries Transparency Initiative (NEITI) to ensure transparency, assessed bidders based on technical competence, operational capacity, and proposed work programmes. According to her winning bidders will be determined through a weighted aggregate score that considers signature bonus commitments, work programme pledges, and performance security rather than solely the highest immediate payment.
“The Government is not seeking speculative holders of acreage; it is seeking partners with the capacity, discipline and commitment to deliver measurable production and economic value,” Eyesan declared, reinforcing the “drill or drop” principle.
NUPRC Gives Wining bidders 90 days to Meet Obligations
The NUPRC boss warned that winning bidders must fulfil post-bid conditions within 90 days, including payment of signature bonuses and execution of contractual documents, or risk losing their entitlement.
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Looking ahead, Eyesan announced that President Tinubu has already approved the commencement of the 2026 licensing round, assuring unsuccessful bidders of continued opportunities in Nigeria’s upstream sector.
“The true measure of the success of this Licensing Round will not be the number of winning bidders announced today. It will be the speed with which the awards move from paper to seismic acquisition, from seismic to drilling, from drilling to development and, ultimately, from development to production,” she concluded.
Pinnacle Daily reports that NUPRC launched the 2025 Licensing Round bid portal on December 1, 2025 for Registration and a subsequently organised a Pre-Bid Conference on January 14, 2026 at Eko Hotels and Suites, Lagos. The Pre-Bid Conference served as an opportunity to enlighten registered bidders and other interested members of the public about the guidelines of the exercise.
The upstream regulator offered 50 oil and gas blocks for bidding with a target of attracting about $10 billon investment in the nation’s oil and gas industry and raising the output to three million barrels by 2030.
According to the Commission the 50 oil and gas blocks on offer include the 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).
The registration and submission for prequalification evaluation closed on February 27, 2026 while the prequalification stage was completed on March 16, 2026.
Winners of the bid will on to develop the assets in line with regulations contained in the Petroleum Industry Industry Act (PIA)
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