The Nigerian Upstream Petroleum Regulatory Commission (NUPRC),says the country will attract about $10 billion in investments from auction of 50 oil blocks under the 2025 Licensing Round.
The auction will also add up to 2 billion barrels to national oil reserves over the next decade, and deliver an estimated 400,000 barrels per day from fully developed assets, Engineer Gbenga Komolafe, the boss of the agency said in a statement announcing the commencement of the auction.
He said:“The Nigeria 2025 licensing round is therefore expected to attract about $10 billion in investments and add up to 2 billion barrels of oil output over the next 10 years with an estimated 400,000 barrels/Day of production volumes when the blocks are fully operational.
“At the Commission, we acknowledge that transparency is key to investor confidence. To ensure that the bidding process is credible and seamless, the Commission has rolled out guidelines which are now available on its website. It has adopted a two-stage bidding process for the award of the Blocks, comprising a qualification stage and a bid stage.”
At a press conference in Abuja on Monday,the Commission also launched the dedicated bid portal: br2025.nuprc.gov.ng.
He recalled that recent licensing initiatives, particularly the 2022 Mini-Bid Round and the historic 2024 Licensing Round, were conducted with unprecedented transparency, global competitiveness, and strong investor engagement.
According to him, the 2024 Licensing Round was completed without a single litigation and earned commendations from the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders.
Following the Presidential approval from President Bola Ahmed Tinubu, he said, NUPRC has now placed 50 oil and gas blocks on offer across onshore, swamp/shallow water, frontier basins, and deepwater terrain.
A breakdown of the blocks, he said, includes 15 onshore blocks, 19 shallow water blocks, 15 frontier assets and 1 deepwater block.
He outlined the key objectives of the 2025 Licensing Round, which include boosting Nigeria’s reserves, increasing production capacity, expanding gas utilisation, creating thousands of jobs across the value chain, enhancing indigenous participation, and reinforcing Nigeria’s commitment to transparency in line with EITI principles.
The NUPRC has also reduced signature bonuses to attract greater investment and participation, adding that to further de-risk exploration, his agency has undertaken extensive multi-client surveys, reprocessing thousands of kilometres of 2D and 3D seismic data to deliver the highest-quality subsurface imagery available in Africa.
This, the Commission noted, sharply reduces uncertainty, lowers entry costs, accelerates time to first oil or gas, and enhances investor confidence.
He disclosed that NUPRC has introduced a two-stage, fully digital bidding process, comprising a qualification stage and a bid submission stage.
Winners, he said, will emerge at the commercial bid round. The Commission emphasized that the age or date of incorporation of bidding companies is not a limiting factor, as the assessment will focus strictly on technical capacity, professionalism, and financial capability.
He added: “The qualification stage involves the submission and evaluation of applications by interested parties or consortia in accordance with the Regulation and the Guidelines.
“Applicants shall provide all information required for this stage. Only applicants who are adjudged qualified and subsequently shortlisted by the Commission shall proceed to the Bid Stage and will be required to execute a Confidentiality Agreement prior to participation.
“At the bid stage, shortlisted applicants or bidders shall submit their Technical and Commercial Bids in accordance with the Regulation, the Guidelines, and any other bidding documents issued by the Commission.
“Given our commitment to transparency and alignment with best practices, the bid process will be automated and digital. Winners will emerge at the commercial bid process.”