By Abubakar Yunus
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says any successful bidder in the 2025 petroleum licensing round that fails to fulfill the stipulated conditions within 90 days will lose the award.
Oritsemeyiwa Eyesan, chief executive officer (CEO) of NUPRC, spoke in Abuja on Tuesday during the 2025 commercial licensing bid conference.
“A winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving this offer will have it invalidated,” she said.
“The commission may thereafter invite the reserve bidders, in their order of ranking.”
Eyesan asked successful bidders to note that “today’s announcement does not, by itself, constitute the final grant of petroleum prospecting licences (PPLs)”.
“Each winning bidder must satisfy the post-bid conditions prescribed in the Guidelines, including the provision of applicable guarantees, payment of the signature bonus and the first-year rent, and execution of the relevant contractual documents,” she said.
Eyesan said the federal government is committed to ensuring that awarded assets are developed promptly to boost crude oil production, expand reserves, and impr
Further speaking, Eyesan said 13 oil blocks offered in the 2025 petroleum licensing round will be returned to the licensing basket.
She said while 50 oil blocks were initially offered in the licensing round, only 37 oil wells progressed to the commercial bidding stage.
Eyesan said 143 companies advanced to the commercial bidding stage of the 2025 petroleum licensing round.
The figure, she said, declined from nearly 300 companies that initially expressed interest when the bidding process began.
The NUPRC CEO said this was an indication that “the tide has turned for Nigeria”.
“From the almost 300 interests that we got, we moved to the pre-qualification stage and that number was pruned down to 196,” she said.
“The 196 companies have now emerged to the technical phase and now the commercial phase. At the end of the exercise, we had 50 blocks on offer but we only had representation for 37 of those 50 blocks. 13 of those blocks, we will be returning back to the basket.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable and I must say, thank you.”
Eyesan said towards the end of December, she and her team resolved to adhere strictly to the published timetable for the licensing round and complete both the technical and commercial bidding processes as scheduled.
“I am pleased to announce and to note that we have kept that promise. So, the licensing round has gone through several phases, from the registration to the technical,” she said.
“Today, we are witnessing the commercial bid conference where all we’ve been doing will culminate in an award.”
Eyesan said the bidding process attracted a diverse mix of participants, including new entrants, international firms, and indigenous companies already operating in the sector.
The regulator, on November 28, 2025, disclosed that 50 oil and gas blocks located in various basins and terrains will be offered to interested investors during the 2025 petroleum licensing round.
On December 1, 2025, the commission announced the official commencement of the 2025 petroleum licensing round, targeting about $10 billion in new investments.
Eyesan, on January 28, said only bidders with high technical and financial credentials, professionalism, and credible plans will advance in the licensing round.
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