The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has engaged prospective bidders and key stakeholders in the oil and gas industry over the modalities and expectations for the 2025 Oil Licensing Round, as 50 oil and gas blocks are offered for investment.
The engagement took place at a pre-bid conference in Lagos, attended by top government officials, members of the Oil Producers Trade Section (OPTS), Independent Petroleum Producers Group (IPPG), emerging industry players, and other stakeholders.
At the event, the Chief Executive of NUPRC, Oritsemeyiwa Eyesan, announced a reduction in entry costs for the licensing round, including a downward revision of the signature bonus and other fees payable before first oil, as part of reforms aimed at boosting upstream investment.
Speaking on the theme, “Growing Upstream Investment in Nigeria Through Licensing Round: The Bid Process and the Opportunities,” Eyesan said the commission’s recent progress was largely driven by the implementation of the Petroleum Industry Act (PIA).
“The commission has made a lot of strides in the last couple of years and it has been enabled primarily by the PIA. Today, we are witnessing one of the benefits of the PIA. With the advent of the PIA, if you do not work your block, it will be taken from you, and many of the assets on offer today are recovered as fallow fields,” she said.
Eyesan noted that lessons learned from previous licensing rounds had shaped the 2025 process, with a renewed focus on attracting technically competent and financially capable operators to develop the assets on offer.
She disclosed that President Bola Ahmed Tinubu had approved a revision of the signature bonus, alongside adjustments to several pre–first oil charges, to lower barriers to entry and encourage participation.
“The cost of entry was hitherto prohibitive. In addition to the revised signature bonus, the commission has also adjusted several charges payable by bidders before first oil,” Eyesan said, adding that recent tax reforms complement the commission’s efforts to drive growth and economic sustainability in the sector.
On gas development, the NUPRC boss said incentives introduced by the Federal Government were beginning to yield results, with several Final Investment Decisions (FIDs) already reached, which she said would positively influence the ongoing bidding process.
She described the 2025 licensing round as a signal of Nigeria’s determination to position itself as a preferred destination for energy investment, noting the rapid increase in indigenous oil and gas producers.
“We are moving towards becoming the preferred investment destination, with the number of indigenous companies that are now producers having increased astronomically,” Eyesan said.
In his remarks, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the licensing round was anchored on a robust framework that reflects the government’s commitment to transparency and accountability.
“The licensing round presents a clear opportunity for investors and operators to participate in Nigeria’s petroleum industry. These assets should not be taken as mere status symbols,” Lokpobiri said, warning against holding licences without development.
He stressed that the process strictly complies with Section 73 of the PIA and reiterated that the law does not provide for asset swaps or refunds of bidding fees and signature bonuses.
Chairman of the Senate Committee on Upstream, Senator Eteng Williams, assured the commission of legislative support, stressing the urgency of achieving Nigeria’s production growth targets.
“We have Project One Million Barrels, and we must achieve it. The future of Nigeria depends on what we are doing today,” Williams said.
Separately, Eyesan unveiled her broader agenda for Nigeria’s upstream sector at a stakeholders’ meeting in Lagos on January 14.
According to a statement by NUPRC’s Head of Media and Strategic Communication, Eniola Akinkuotu, the agenda rests on three pillars: production optimisation and revenue expansion; regulatory predictability and speed; and safe, governed, and sustainable operations.
Eyesan said the strategy aligns with President Tinubu’s Renewed Hope Agenda and the target of raising crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
She said the commission plans to boost output by recovering shut-in volumes, reducing losses, arresting production decline, and accelerating time-to-first oil, while enhancing regulatory efficiency through Service Level Agreements, digital workflows, and time-bound approvals.
Eyesan also announced the creation of a monthly CCE–Operators Leadership Forum involving NNPC, OPTS, IPPG, and emerging players to address systemic bottlenecks in approvals, infrastructure integrity, and gas development.
The NUPRC boss said the commission would issue quarterly progress reports and has already commenced a 90-day programme to fast-track approvals for near-ready Field Development Plans, well interventions, and other quick-win opportunities.
