Nigeria Targets 300,000 Bpd Oil Boost with 2025 Bid Round, Plans 2026 Sale

Nigeria's Federal Government is targeting an additional 300,000 barrels per day of crude oil and condensate production within the next three years, stemming from its ongoing 2025 Licensing Round. This initiative is part of a broader strategy to increase the nation's oil output to three million barrels per day by 2030. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the assets offered in the current round have the potential to add approximately 500 million barrels to Nigeria's reserves, which currently stand at 37.01 billion barrels.

During the Commercial Bid Conference in Abuja, NUPRC Chief Executive Eyisan stated that the 2025 Licensing Round attracted significant interest, with 300 companies initially participating. Following prequalification, 196 firms advanced, and 143 submitted bids for 37 assets. Notably, 13 blocks initially intended for the 2025 round have been deferred to the 2026 bid round. President Bola Tinubu's directive for transparency and adherence to international best practices guided the process, which has remained on schedule throughout its stages.

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The assets available in this licensing round have the potential to add about 500 million barrels to Nigeria’s reserves. Over the next three years, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production.

Eyisan emphasized that successful bidders will be chosen based on a balanced assessment of technical and commercial scores, prioritizing long-term value, work program commitments, and production capacity, rather than solely the highest signature bonus. The government is actively seeking investors capable of developing these resources, issuing a clear directive: "drill or drop." Failure to implement work programs, honor financial commitments, or achieve agreed milestones will result in acreage being revoked. The NUPRC chief also confirmed President Tinubu's approval for another licensing round in 2026, ensuring a continuous stream of opportunities for investors to sustain exploration and replenish reserves.

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Our message is clear: drill or drop. Work programmes must be implemented, financial commitments honoured and agreed milestones achieved.