FG targets 500m barrels from 2015 licensing round
Orisemeke Benjamin
The assets on offer in the Nigeria 2025 Licensing Round have the potential to add about 500 million barrels to the nation’s oil reserves, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, has revealed.
Speaking on Tuesday at the Commercial Bid Conference themed “Expanding Opportunities: Right Play, Right Place, Right Time,” Eyesan noted that Nigeria’s reserves currently stand at 37.01 billion barrels of crude oil and condensate and 215.19 trillion cubic feet of gas. She added that once developed, the assets are expected to contribute a minimum of 300,000 barrels per day within three years, boosting the country’s target of reaching three million barrels per day by 2030.
The conference marked the conclusion of the technical and commercial bidding phase of the licensing round, where 143 companies submitted 200 bids covering 37 available assets. The process, which began eight months ago under the directive of President Bola Ahmed Tinubu, initially attracted interest from nearly 300 companies across 50 assets before 196 applicants were shortlisted during prequalification.
“When I took office, my team and I made a clear pledge to carry out the Licensing Round according to the published schedule and to conclude both the technical and commercial bidding phase today, 21 July 2026. I am pleased to note that we have upheld this promise,” Eyesan said.
She noted that the Nigeria Extractive Industries Transparency Initiative (NEITI) observed the evaluation and bid-opening procedures to ensure integrity and independent scrutiny, emphasizing that the allocation of petroleum rights remains a matter of public trust.
Addressing evaluation metrics, the NUPRC boss stated that commercial scoring will consider signature bonuses, work programme commitments, and work programme performance security. Winning bids will be determined by the highest weighted aggregate score rather than the highest immediate payment.
Eyesan issued a stern warning to successful bidders, stressing that an award is “not a trophy to be held” but a strict commitment to invest, drill, develop, and produce.
“Our message is therefore clear: drill or drop,” she warned, explaining that winning bidders must meet post-bid conditions—including paying signature bonuses and first-year rent, and signing contractual documents—within 90 days of receiving offer letters. Failure to comply will lead to reserve bidders being invited based on ranking.
“The Government is not seeking speculative holders of acreage; it is seeking partners with the capacity, discipline and commitment to deliver measurable production and economic value,” Eyesan added.
Furthermore, Eyesan disclosed that President Tinubu has approved the launch of the 2026 Licensing Round, promising that the Commission will maintain a transparent, competitive, and data-driven process.
Commending NEITI, evaluation teams, and participating companies, she urged investors that their confidence in Nigeria “must now be matched by investment decisions, capital deployment, movement of rigs and the delivery of new production.”
