Newsworth | Danjuma Amodu |January 2026
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday ushered in a fresh chapter for Nigeria’s oil and gas sector, hosting the pre‑bid conference for the 2025 Licensing Round at the Grand Ballroom of Eko Hotels and Suites.
The high‑energy gathering, held on Wednesday, 14 January 2026, drew together a formidable mix of local and international investors, seasoned industry executives, regulators and policymakers, all eager to decode the blueprint for Nigeria’s next wave of upstream investment.
In a statement released ahead of the event, NUPRC Chief Executive Mrs Oritsemeyiwa Eyesan confirmed the conference was convened in strict compliance with the Petroleum Industry Act (PIA), following public notices published in Nigerian and foreign newspapers.
Fifty oil and gas blocks spanning onshore, swamp, shallow water and deep offshore terrains are on offer, representing some of the most prospective acreage across Nigeria’s sedimentary basins. Government projections indicate the round could unlock up to $10 billion in fresh investment, potentially adding as much as 2 billion barrels of oil equivalent to national reserves over the next decade. Once fully developed, these blocks are expected to contribute incremental production capacity of up to 400,000 barrels per day.
Eyesan underscored several critical reforms designed to lower entry barriers and sharpen competitiveness. Signature bonuses, once a prohibitive hurdle, have been dramatically reduced, now ranging between $3 million and $7 million per block, a stark contrast to the $10 million per block charged in the 2024 round. Minimum financial thresholds have also been recalibrated: an average annual turnover of $100 million is required for deep offshore blocks, while onshore and shallow water blocks demand $40 million, or equivalent cash‑in‑bank or bank guarantees.
These adjustments reflect lessons learned from previous rounds and are intended to attract technically competent operators committed to developing assets, not merely holding them as speculative trophies.
For the first time, NUPRC will implement a fully digital workflow for permitting, reporting and data submissions, a shift expected to slash approval times and improve regulatory predictability. The commission pledged to publish Service Level Agreements (SLAs) for key milestones, ensuring bidders know exactly when decisions will be made and what to expect at each stage.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reinforced government resolve, warning that licences come with obligations.
“These assets should not be taken as mere status symbols… they must be developed within defined timelines.” He underscored alignment with President Bola Tinubu’s Renewed Hope Agenda, which targets lifting national oil production to 2 million barrels per day by 2027 and eventually 3 million barrels per day.
The exercise remains open to both domestic and foreign entities. While foreign companies need not register in Nigeria to participate in bidding, award of a Petroleum Prospecting Licence (PPL) will require compliance with the Companies and Allied Matters Act (CAMA), as stipulated under the PIA.
The NUPRC has indicated it will continue engaging stakeholders through regular updates and technical briefings as the licensing round progresses, with bid submissions expected to close by the end of the first quarter of 2026.
