On 21 July 2026, Nigeria's oil and gas regulator, the Nigerian National Upstream Petroleum Regulatory Commission (NUPRC), announced the 31 companies that won 37 oil and gas blocks. Observers noted it was a thorough evaluation process done through a computer-based system to avoid any human interference.
Still, questions about transparency come up in any licensing process involving national resources. True transparency means having clear rules, making information public, and allowing for independent checks.
The journey started in 2025 when President Bola Ahmed Tinubu, who also serves as Nigeria's Minister of Petroleum Resources, approved the 2025 Licensing Round. At a key event in London attended by international oil companies and local operators, the Commission announced the exercise on 11 November 2025 and opened the registration portal on 1 December.
Besides the announcement, the regulator took extra steps to meet legal requirements. They published notices in national newspapers like The Punch and even in a foreign publication, in line with the Petroleum Industry Act (PIA) 2021 and the 2025 Licensing Round Guidelines.
These preliminary steps showed a commitment to follow the rules, which is part of NUPRC's goal under Chief Executive Oritsemeyiwa Eyesan. The focus is on transparency, competitiveness, and reliability in Nigeria's oil sector.
Why the Licensing Round Matters
Nigeria's oil and gas resources need ongoing exploration and quicker development to reach their full economic potential. New investments in exploring these resources are vital for replacing product reserves and improving the country's long-term energy security and export capacity.
When the 2025 Licensing Round was launched, Nigeria's proven crude oil and condensate reserves were 37.01 billion barrels. The estimated proven natural gas reserves were 215.19 trillion cubic feet (tcf). Mrs. Eyesan mentioned that the 50 assets offered in this round could add about 500 million barrels to the nation's reserves if they are explored and developed successfully.
This projection is significant, especially as the Federal Government looks for new revenue sources to meet growing budget needs. Attracting serious investors for untapped oil and gas assets is now both an economic and fiscal necessity.
The blocks included various terrains such as the Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4), and Benue Trough (4).
Why the Rigorous Process Is Inevitable
The first test of transparency is sticking to established rules, being open, and following set timelines.
For the Commission, these principles guided every step of the Nigeria 2025 Licensing Round. The Guidelines clearly stated the requirements for participation, technical and commercial criteria, and the evaluation process. The Licensing Round Portal, Pre-Bid Conference, webinars, and dedicated inquiry channels provided equal access to information for all applicants.
This clear, rules-based method led to a record number of participants. For the first time in Nigeria's oil block licensing history, about 300 companies showed interest in the 50 available assets. After prequalification, 196 applicants qualified for the bidding stage, and by the submission deadline, 143 companies submitted 200 technical and commercial bids across 37 assets.
How Winners Emerged
For Mrs. Eyesan, the Commercial Bid Conference was the key test of the Commission's commitment to transparency. On that Tuesday at Transcorp Hilton Abuja, the commercial bids of qualified applicants were publicly opened and combined with their technical scores in front of over 600 participants, including bidders, observers, industry stakeholders, and more than 40 journalists. The event was also livestreamed, showing the openness of the process.
The process lasted for 8 hours and 34 minutes.
To ensure smooth participation, the Commission provided standby laptops, power banks, and technical support for bidders during the event.
According to the Guidelines, the commercial evaluation was based on the signature bonus, work program commitment, and work program performance security.
As Mrs. Eyesan explained, "the winning bidder for each asset will be the bidder with the highest weighted aggregate score and the bid that delivers the best overall long-term value to Government, not simply the highest immediate payment."
The Commission also had clear procedures for handling tied bids. If two or more bidders had the same weighted aggregate score, they would be invited to submit an additional signature bonus to decide the winner.
"We have the responsibility to break that tie by inviting the affected parties, and they will then have the opportunity to bid an additional signature bonus. The bid is limited only to the additional signature bonus, and it will show on the portal," said Ms. Olayemi Adeboyejo, the Commission's Board Secretary and Legal Adviser.
To keep the process fair, bidders could not discuss their bids with each other. Commercial bids were checked against a set template, and invalid submissions were left out. Every step and result was shown in real time, highlighting the process's transparency.
After the thorough automated evaluation, the successful bidders for the various assets included: SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), Gupsco Energy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62), and Nuway Oaklane Limited (2A49).
Others include Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903), Highban Resources Limited (PPL 700), and Eyre Energy Limited (PPL 801).
In line with the PIA, the Commercial Bid Conference was closely watched by representatives of the Nigerian Extractive Industries Transparency Initiative (NEITI), the Federal Ministry of Finance, and the Federal Ministry of Petroleum Resources. This added another layer of oversight and strengthened the process's credibility.
Stakeholders Validate Transparency of the 2025 Licensing Round
Industry stakeholders also supported the transparency of Nigeria's 2025 Licensing Round.
The Executive Director of TotalEnergies Nigeria, Abiodun Afolabi, called the exercise under Mrs. Eyesan's leadership a big improvement over past bid rounds.
"I must admit it was a step-up from last year. What I saw here today was a very transparent and open process. Nigeria is truly on its way to putting itself on the map. For us in the industry, seeing prolific basins being offered in this manner is encouraging. It was a worthwhile experience, and I congratulate the NUPRC," he said.
Afolabi added that the Commission's strict following of the rules and the public display of each step of the process increased confidence in the outcome.
"NEITI was there, and the Commission was deliberate in reaffirming the rules of the game and in showing everyone exactly how the process unfolded."
Dr. Nosa Omorodion, Country Manager of SLB (formerly Schlumberger), said the process sent a strong message to investors.
"The high point for me was not just the transparency but the openness. It reinforces the message that Nigeria is back. I don’t know of any investor or participant who would question what we witnessed here."
Another bidder, Abba Abdu Misau, Managing Director of AYA Shafa, praised the process, calling it "excellent."
He stated that the 2025 Licensing Round was carried out transparently and showed major improvements over past rounds.
"The process was excellent. It was very transparent, and there were lots of improvements in the 2025 Licensing Round bidding process," he said.
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