• NUPRC targets 500m additional barrels to crude reserves •Fulfil all conditions within 90 days or lose award, Eyesan tells winners • Investors fail to bid for 13 blocks •Firms to get final awards after payment of signature bonus • Ekpo: Nigeria’s licensing regime anchored on fairness •Lokpobiri: Nigeria one of most attractive investment destinations globally Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Thirty-one companies yesterday emerged winners of 37 oil and gas blocks offered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the 2025 Licensing Round, a development expected to support Nigeria’s ambitious plans to increase crude oil production and significantly expand its hydrocarbon reserves. The successful conclusion of the commercial bid conference, held in Abuja, marked the culmination of an eight month process that attracted about 300 expressions of interest at inception before narrowing to 143 qualified companies that submitted 200 technical and commercial bids for 37 of the 50 assets originally put on offer. The remaining 13 blocks failed to attract bids, with the Commission explaining that many of the assets are located in frontier basins that require additional geological work and de-risking before they can become commercially attractive to investors. The assets on offer were spread across the Niger Delta Onshore, Niger Delta Shallow Water, Niger Delta Deep Offshore, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough. But the commission said the winning companies will only receive their final Petroleum Prospecting Licences (PPLs) after paying the applicable signature bonuses, obtaining the approval of the Minister of Petroleum Resources, and fulfilling all post award conditions stipulated under the Petroleum Industry Act (PIA) 2021 and the licensing guidelines. After a rigorous process witnessed by the industry, the successful companies that emerged were: 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) and Asharami (2A41). Others were: 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), Nuway Oaklane Limited (2A49), Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57) as well as Blackrock Holdings Limited (2A58). In the same vein, Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL 308 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) also emerged winners. In her opening remarks, the Commission Chief Executive (CCE) Mrs Oritsemeyiwa Eyesan, described the event as a major milestone in Nigeria’s upstream petroleum sector, saying the process had been conducted strictly in line with President Bola Tinubu’s directive for transparency, fairness and global best practice. Eyesan stated that the assets on offer have the potential to increase Nigeria’s crude oil and condensate reserves by about 500 million barrels, raising existing reserves from 37.01 billion barrels, while complementing the country’s 215.19 trillion cubic feet of proven gas reserves. She further disclosed that, once developed, the assets are expected to contribute at least 300,000 barrels per day of additional crude oil and condensate production within three years, supporting the federal government’s target of producing three million barrels per day by 2030. “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,” she stated. Eyesan stressed that the Commission’s objective was not merely to allocate acreage but to place the country’s petroleum assets in the hands of investors capable of delivering long term value through exploration, development and production. Issuing a stern warning to the successful companies, Eyesan emphasised that winning the bid did not automatically translate into ownership of the assets. She declared: “An award is not a trophy to be held. It is an obligation to invest, drill, develop and produce. Our message
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