Thirty-one companies have emerged successful bidders for 37 oil and gas blocks in Nigeria’s 2025 Licensing Round, marking a major milestone for the country’s upstream petroleum industry and reflecting growing investor confidence in the nation’s oil and gas sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the successful companies at the Commercial Bid Conference held in Abuja on Tuesday, following months of competitive bidding involving both indigenous and international investors.
The exercise attracted strong interest from investors, with 143 companies submitting a total of 200 bids for 37 of the 50 oil and gas blocks offered by the Federal Government.
Industry observers described the outcome as one of the most competitive licensing rounds conducted in recent years, especially because it drew interest across both established producing areas and frontier basins that have historically attracted little investment.
The licensing round covered a wide range of geological terrains across the country.
These included 16 onshore blocks in the Niger Delta, 18 shallow water blocks in the Niger Delta, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
Although 50 blocks were initially offered, investors submitted bids for only 37, while the remaining 13 blocks received no offers.
However, the NUPRC described the exercise as a major success because every petroleum terrain, including the country’s frontier basins, attracted investor interest.
The commission noted that this was the first time in Nigeria’s history that frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin had received such a high level of participation during a licensing round.
The development is seen as a positive sign for the Federal Government’s efforts to expand oil and gas exploration beyond the traditional Niger Delta region and unlock new hydrocarbon reserves across the country.
Among the companies that emerged successful were SSonic Petroleum Limited, which secured block PPL 2A29, CFP Pipeline and Flowlines, which won block 2A30, and Dutchford E&P Limited, which secured block 2A32.
Attabanson Global Company Limited won two blocks—2A33 and PPL 901—while Rosem Energy Limited secured block 2A38.
Other successful bidders include Pivot-GIS Limited, which won block 2A39; Network E&P, block 2A40; Asharami, block 2A41; LexOil, block 2A42; and BVOF, block 2A43.
Gupsco Energy Limited emerged one of the multiple winners after securing blocks 2A44 and 2A51, while Saratoga won block 2A45 and Volante secured block 2A46.
Concept-Reel Petroleum Services Limited also won two blocks—2A47 and 2A55—while Clinton Oil Field secured blocks 2A48 and 2A62.
Other companies announced by the commission include Nuway Oaklane Limited, which won block 2A49; Ramec, block 2A50; Italia, block 2A53; Blueridge E&P, block 2A54; Up Energies Limited, block 2A56; AYM Shafa, block 2A57; Blackrock Holdings Limited, block 2A58; Funtay Integrated Business Limited, block 2A59; and Riparian Development and Production Limited, block 2A60.
Nikstallis also secured two blocks—2A61 and PPL 900—while Stardeep Petroleum won PPL 2010.
Dakoda & U Limited emerged successful for two blocks, PPL 308 and PPL 800, while Southborne Oil and Gas Limited secured PPL 902.
Lanaka Petroleum won PPL 903, Highban Resources Limited secured PPL 700 and Eyre Energy Limited won PPL 801.
Speaking during the commercial bid conference, the Commission Chief Executive of the NUPRC, Mrs. Oritsemeyiwa Eyesan, congratulated the successful companies but reminded them that the process had not yet been completed.
She explained that final awards would only be presented after the successful bidders pay the required signature bonuses and obtain the approval of the Minister of Petroleum Resources, in line with the provisions of the Petroleum Industry Act (PIA) 2021.
According to Eyesan, the Petroleum Industry Act has introduced a more transparent and competitive licensing process aimed at improving governance, attracting investment and ensuring greater accountability in the management of Nigeria’s petroleum resources.
She also urged the successful companies to complete the payment of their signature bonuses without delay so they could proceed with exploration and development activities.
The NUPRC chief warned that the commission would strictly enforce the “drill or drop” policy contained in the Petroleum Industry Act.
Under the policy, companies that fail to carry out exploration and development activities within the specified timelines risk losing their licences.
She said the objective of the policy is to prevent companies from acquiring oil blocks only to keep them idle for years without making meaningful investments.
According to her, the commission wants investors who are prepared to develop the country’s petroleum assets quickly in order to increase crude oil production, create jobs and generate more revenue for the government.
Eyesan also expressed appreciation to President Bola Tinubu for providing the support needed to ensure the successful conduct of the 2025 Licensing Round.
She said the President’s backing helped the commission organise a transparent and seamless bidding exercise that complied with the provisions of the Petroleum Industry Act.
The commercial bid conference was closely monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other relevant stakeholders.
Their presence, according to the commission, was intended to ensure that the process complied with existing laws, promoted transparency and strengthened public confidence in the allocation of Nigeria’s petroleum assets.
Nigeria relies heavily on crude oil and natural gas exports for foreign exchange earnings and government revenue. In recent years, however, declining investment, oil theft, pipeline vandalism and uncertainty over fiscal terms slowed exploration activities and reduced production.
The passage of the Petroleum Industry Act in 2021 was designed to reverse that trend by introducing a clearer legal and regulatory framework for investors. Since then, the Federal Government has sought to attract fresh investment through transparent licensing rounds and reforms aimed at improving the competitiveness of Nigeria’s upstream sector.