Nigeria awards 37 oil blocks to 31 firms in 2025 licensing round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the winners of its 2025 Licensing Round, awarding 37 oil and gas blocks to 31 companies. This competitive process saw 200 bids submitted by 143 firms for the 50 blocks made available across various regions, including the Niger Delta and frontier basins.

The commercial bid conference in Abuja marked the conclusion of the competitive phase. While 37 blocks received bids, 13 blocks did not attract any offers. The NUPRC highlighted this outcome as a milestone, particularly noting the significant investor interest in Nigeria's frontier basins for the first time.

Among the successful companies are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, and others, with some securing multiple blocks. For instance, Attabanson Global Company Limited won two blocks, PPL 2A33 and PPL 901.

However, the final awards are contingent upon the companies paying the required signature bonuses and obtaining approval from the Minister of Petroleum Resources, as stipulated by the Petroleum Industry Act of 2021. NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan urged the winners to expedite payments and commence asset development, warning of strict enforcement of the "drill or drop" policy. Failure to develop awarded assets within the stipulated timeframe risks forfeiture.

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The commission would strictly enforce the “drill or drop” provisions of the Petroleum Industry Act, under which licence holders that fail to develop their assets within the stipulated timeframe risk losing them.