Nigeria Targets 300,000bpd Output Increase As 143 Firms Bid For 37 Oil Blocks

Nigeria is targeting to boost crude production by additional 300,000 barrels per day as 143 companies bids to operate 37 oil blocks offered in the 2025 licensing round, officials disclosed — a move expected to accelerate output, attract investment and shore up government revenues amid efforts to revive the petroleum sector.

The Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), on Tuesday, opened the commercial bids for the Nigeria 2025 Licensing Round, marking a key phase in the federal government’s push to attract fresh upstream investment and boost hydrocarbon output.

NUPRC chief executive Oritsemeyiwa Eyesan told bidders, government officials and observers at the Commercial Bid Conference in Abuja that the commission had met published timelines by concluding the technical and commercial stages on schedule. She said the exercise had progressed through registration, prequalification, data access, bid preparation and submission, followed by technical evaluation, and that the commercial bids opened that day would be combined with technical scores to determine winners.

Eyesan said the licensing round had drawn wide interest, noting that by the submission deadline 143 companies had submitted 200 technical and commercial bids covering 37 assets. She said the exercise initially attracted interest from about 300 companies across 50 assets and that 196 applicants had been cleared to bid after prequalification.

According to Eyesan, the assets on offer could add about 500 million barrels to Nigeria’s reserves and, if successfully developed over the next three years, were expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production. She said those potential additional barrels would help accelerate output, attract investment and shore up government revenues as part of efforts to revive the petroleum sector.

The chief executive said the diversity of entrants — ranging from new players to established local and international firms — demonstrated continued confidence in Nigeria’s upstream potential and validated the commission’s initiatives to make the sector more competitive for investment capital. She said the mix of bidders showed the round had provided equitable opportunities for different categories of companies.

Eyesan told participants that winning bids would be judged on their capacity to deliver sustainable, long‑term value rather than on upfront payments alone, and that the successful 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 warned that an award would not be a trophy to be held but an obligation to invest, drill, develop and produce, adding that the commission’s message was clear: “drill or drop.” Eyesan said post‑award requirements would include guarantees, signature bonuses, first‑year rents and execution of contractual documentation, and that winning bidders would have 90 days to meet prescribed conditions or risk forfeiting their entitlement, after which reserve bidders would be invited to step in.

The regulator said it expected the awards to generate wider economic benefits, including higher government revenue and foreign exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, job creation and technology transfer.

On transparency, Eyesan said the Nigeria 2025 Licensing Round Guidelines, an online portal, a Pre‑Bid Conference, webinars and dedicated clarification channels had been used to inform participants. She added that the Nigeria Extractive Industries Transparency Initiative (NEITI) observed the bid‑opening and evaluation procedures and that the commission had emphasised adherence to published guidelines and internationally recognised standards of accountability.

The commission said officials would now aggregate commercial and technical scores, notify successful bidders and measure the round’s ultimate success by how quickly awards translated into seismic work, drilling and production. It pledged to support credible operators with clear guidance, predictable regulatory decisions and timely intervention where genuine obstacles arise, while insisting on demonstrable performance and rapid movement from award to development and production.

Eyesan told companies that missed out to remain engaged, saying the government planned regular, periodic licensing rounds to sustain exploration, replenish reserves and provide a steady pipeline of opportunities. She also announced that President Tinubu had approved commencement of the 2026 bid round and that another set of opportunities would be offered soon.

NEITI, which observed the proceedings, said it had monitored the bid‑opening and evaluation to ensure compliance with transparency principles, while industry observers and bidders said they would await aggregation of scores and formal notification of awardees, followed by the mandatory post‑bid compliance period.

NUPRC officials said the licensing round’s success would ultimately be judged not by the number of awards but by the speed and scale at which discoveries were appraised, developed and brought into production — a key test of the government’s plan to revitalise upstream activity and shore up oil and gas revenues.