NUPRC Unveils 143 Bidders for 37 Oil Assets in Licensing Round, Targeting 300,000bpd
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 143 prequalified companies submitted 200 technical and commercial bids for 37 oil and gas assets in the ongoing Nigeria 2025 Licensing Round.
The Commission Chief Executive, Mrs Onitsemeyiwa Eyesan, said this on Monday in Abuja at the Commercial Bid Conference for the licensing round.
Eyesan said the assets were projected to contribute at least 300,000 barrels per day of crude oil and condensate production within three years of development.
Eyesan said the exercise attracted about 300 companies at inception for 50 available assets, with 196 applicants successfully prequalified for the bidding stage.
“The licensing round has progressed through several distinct phases, including registration, prequalification, data access, bid preparation and submission.
“Subsequently, technical evaluation was conducted and today we are presenting both the technical and commercial bid submissions to identify the new awardees.
“To reinforce trust, the commencement of this licensing round attracted interest from around 300 companies across 50 available assets. After the prequalification process, 196 applicants were deemed eligible to advance to the bidding stage.
“By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.
“New entrants are leveraging this opportunity to test their capabilities, while both local and international players are seeking to expand their presence and further consolidate their positions,” she said.
She said the commercial bid opening would determine the successful bidders after aggregating the commercial scores with the technical evaluation.
According to her, the winning bidder for each asset will be the company with the highest weighted aggregate score, based on signature bonus, work programme commitment and performance security.
She said the assets on offer had the potential to add about 500 million barrels to Nigeria’s crude oil reserves and support the country’s target of producing three million barrels per day by 2030.
She said successful bidders would still be required to meet post-award conditions, including payment of signature bonuses, first-year rent, provision of guarantees and execution of contractual documents before Petroleum Prospecting Licences (PPLs) would be granted.
The NUPRC boss warned that any winning bidder that failed to meet the conditions within 90 days of receiving an offer letter would forfeit the award, while the commission could invite reserve bidders.
She reaffirmed the commission’s commitment to transparency, competitiveness and periodic licensing rounds, adding that President Bola Tinubu had also approved the commencement of the 2026 licensing round #NUPRC Unveils 143 Bidders for 37 Oil Assets in Licensing Round, Targeting 300,000bpd#
