Nigeria’s upstream oil regulator has moved forward with its long-delayed 2025 licensing round, confirming that 196 companies cleared prequalification to compete for 50 oil and gas blocks. The offering spans the resource-rich Niger Delta, including 16 onshore and 18 shallow-water blocks, alongside one deepwater asset and 15 additional blocks across three inland basins. Of those prequalified, 143 companies went on to submit roughly 200 bids for the available acreage. According to the Nigerian Upstream Petroleum Regulatory Commission, winning bids will be determined through a weighted scoring system that factors in signature bonuses, work commitments, and performance guarantees offered by applicants. The licensing exercise is part of Nigeria’s broader strategy to attract fresh investment into its upstream petroleum sector, increase hydrocarbon production, and strengthen government revenues as the country seeks to maximize the value of its oil and gas resources.
CNBC Africa