The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has engaged prospective bidders and key stakeholders in the oil and gas industry as part of preparations for the 2025 oil licensing round.
The engagement, held at a pre-bid conference in Lagos, focused on clarifying expectations, procedures and reforms guiding the allocation of 50 oil and gas blocks currently on offer.
The conference attracted top government officials, members of the Oil Producers Trade Section, the Independent Petroleum Producers Group, emerging indigenous players, and other major industry stakeholders.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, announced a reduction in entry costs, including lower signature bonuses and pre first oil fees, to attract credible investment into Nigeria’s upstream sector.
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NUPRC says lessons from previous bid rounds have shaped the 2025 process, with emphasis on transparency, efficiency and the selection of technically and financially capable investors.
The Commission noted that reforms under the Petroleum Industry Act have strengthened bid rounds, leading to the recovery and reallocation of idle oil blocks, many of them reclaimed fallow fields.
NUPRC confirmed that the reduced signature bonus received presidential approval and announced plans to begin preparations for the 2026 bid round alongside the 2025 exercise, warning that non performing bidders will be excluded.
(Editor: Ebuwa Omo-Osagie)
