The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced 31 companies as successful bidders for 37 oil and gas blocks offered during the 2025 licensing round.
The winners emerged following a competitive bidding process held at the Transcorp Event Centre in Abuja on July 21, according to a statement issued by the commission on Tuesday.
The regulator said 143 companies submitted a total of 200 bids for 37 of the 50 oil and gas blocks placed on offer during the exercise.
The assets comprised 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 each in the Anambra Basin, Chad Basin and Benue Trough.
According to the commission, while 37 blocks attracted bids from investors, 13 failed to receive any interest.
NUPRC noted that the exercise marked a milestone for Nigeria's upstream petroleum industry, with frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin attracting investor interest for the first time in a licensing round.
Among the successful bidders are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.
The commission said the companies would only receive final awards after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, as stipulated under the Petroleum Industry Act (PIA) 2021.
Speaking after the exercise, the Commission Chief Executive of the NUPRC, Engr. Gbenga Komolafe, commended President Bola Tinubu for supporting the commission in conducting what he described as a seamless and transparent licensing round.
He urged the successful bidders to promptly pay their signature bonuses and commence development of the awarded assets, warning that delays could result in the withdrawal of the licences under the commission's "drill or drop" policy.
Komolafe reiterated that any company that fails to meet the post-award requirements within 90 days would forfeit its allocation in line with the provisions governing the licensing round.
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