The Nigerian government anticipates that its 2025 Licensing Round will generate 300,000 additional barrels of oil and condensate daily within three years. This initiative aligns with a broader plan to conduct a follow-up bid round in 2026 to stimulate upstream sector growth.
At the Abuja commercial bid conference, NUPRC Chief Executive Eyisan noted that this output supports the national goal of reaching three million barrels per day by 2030. The currently offered assets could potentially increase the nation’s reserves by 500 million barrels. Of the roughly 300 companies that initially expressed interest, 143 firms submitted 200 bids for 37 available assets.
Eyisan emphasized that the selection process follows President Bola Tinubu’s mandate for transparency. Winners will be chosen based on technical and financial capability rather than just the highest bid. She maintained a firm stance on productivity, warning that license holders who fail to develop assets will face a ‘drill or drop’ policy.
Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo stated that these efforts bolster the ‘Decade of Gas’ initiative by encouraging investment. Meanwhile, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri highlighted that the Petroleum Industry Act has removed discretionary allocations, fostering a more competitive and transparent environment. Both ministers stressed that licenses must be held by entities committed to actual development rather than those viewing them as mere trophies.
