Peter Uzoho Nigeria is targeting a minimum of 300,000 barrels per day (bpd) of crude oil and condensate as well as additional 500 million barrels reserve within the next three years from the 37 assets bided by oil firms in the ongoing Licensing Round being conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, stated this yesterday in Abuja at the Commercial Bid Conference for the Nigeria 2025 Licensing Round in which 50 oil blocks were initially put on offer but received interest in only in 37. Eyesan explained that the bid round, which commenced eight months ago on the directive of President Bola Tinubu, was designed to open new opportunities and integrate Nigeria with the global community through a transparent process aligned with international best practices. The NUPRC boss noted the journey was initiated by her predecessor, Mr. Gbenga Komolafe, and that her team had pledged to conclude both the technical and commercial bidding phase on July 21, 2026, as scheduled. She said the Commission had kept that promise, turning the President’s guidance into tangible action. She disclosed the licensing round attracted interest from about 300 companies across 50 available assets at inception. After prequalification, 196 applicants were deemed eligible to advance to the bidding stage. Eyesan added that by the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets. She said: “The assets available in this Licensing Round have potential to add about 500 million barrels to Nigeria’s reserves, increasing our existing reserves of crude oil and condensate—which currently stand at 37.01 billion barrels—and 215.19 trillion cubic feet of gas. “Over the next three years, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production. This licensing round represents a vital step for Nigeria in achieving its goal of reaching three million barrels per day by 2030… “These projections represent more than additional barrels. They represent increased government revenue, improved foreign-exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, employment creation, technology transfer and broader economic growth.” The NUPRC boss described the participation as diverse, with new entrants testing their capabilities while established local and international players sought to expand and consolidate. She said this validated the commission’s commitment to offering Nigerian opportunities on an equitable basis regardless of experience, and underscored continued confidence in Nigeria’s upstream potential. On transparency, she stated that the Nigeria 2025 Licensing Round Guidelines provided clear information on participation rules, technical and commercial requirements, and evaluation criteria. She added that these were further clarified through the Licensing Round Portal, Pre-Bid Conference, webinars, and dedicated enquiry channels. To enhance integrity, Eyesan said the Nigeria Extractive Industries Transparency Initiative (NEITI) was present to observe the evaluation and bid-opening procedures. She described NEITI’s involvement as evidence of Nigeria’s commitment to internationally recognised standards of accountability in natural resource management. The NUPRC boss explained that the evaluation was rigorous but aimed at a simple objective: to place assets in the hands of bidders capable of delivering the best overall long-term value through increased reserves, higher production, sustainable fiscal returns and wider economic benefits. She said each bid was assessed for competence and experience, organizational capacity, credibility of work programme, resource commitment and ability to deliver within timelines. She noted that commercial evaluation would consider signature bonus, work programme commitment and performance security. According to her, the winning bidder for each asset would be the one with the highest weighted aggregate score and the bid that delivered the best overall long-term value to government, not simply the highest immediate payment. She stressed that petroleum acreage created value only when explored, appraised, developed and produced. Eyesan projected that the assets available could add about 500 million barrels to Nigeria’s reserves, which currently stand at 37.01 billion barrels of crude oil and condensate, and 215.19 trillion cubic feet of gas. She stated that once successfully developed, the 37 blocks were expected to contribute a minimum of 300,000 barrels per day of crude and condensate over the next
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