NUPRC to Announce Winners of 50 Oil, Gas Blocks on July 21

Nigeria is set to take a major step toward attracting an estimated $10 billion in fresh upstream capital as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announces successful bidders for 50 oil and gas blocks on July 21. The awards, which conclude the 2025 Licensing Round, are expected to unlock undeveloped hydrocarbon assets, boost crude oil and natural gas production, and reinforce efforts to revive investment in the upstream petroleum sector.
Approved by President Bola Tinubu on December 1, 2025, under the Petroleum Industry Act (PIA) 2021, the licensing round covers 50 blocks comprising 15 onshore blocks, 19 shallow-water blocks, 15 frontier blocks and one deep-offshore block. The assets are spread across five major hydrocarbon basins, the Niger Delta, Chad Basin, Benue Trough, Anambra Basin and Bida Basin.
The exercise forms part of the federal government’s broader strategy to reverse years of underinvestment in oil and gas exploration while expanding production capacity and strengthening the country’s position as Africa’s leading energy producer. By opening up discovered but undeveloped fields, the government aims to increase crude oil output, accelerate gas development and improve long-term reserve replacement.
The anticipated capital inflows are also expected to strengthen government revenues through royalties, taxes and signature bonuses, while supporting foreign exchange earnings as the country seeks to maximise the economic value of its hydrocarbon resources. Higher production would further enhance its ability to meet OPEC production targets, improve energy security and support broader economic growth.
NUPRC estimates the licensing round could attract approximately $10 billion in new funding, making it one of the country’s largest upstream investment opportunities since the Petroleum Industry Act came into force. The commission said the exercise reflects ongoing regulatory reforms aimed at improving transparency, investor confidence and competitiveness in the oil and gas industry.
The licensing process progressed through registration, pre-qualification, data acquisition, technical evaluation and commercial bidding. Successful bidders will be selected based on a combination of technical capability and commercial competitiveness, with signature bonuses ranging from $3 million to $7 million per block. Bids outside the prescribed range will be automatically disqualified, while tied highest bids will be resolved through a sealed rebid.
NUPRC has also maintained strict qualification standards, warning that companies with outstanding government liabilities, poor asset development records or regulatory compliance issues could be disqualified at any stage of the process.
Successful bidders will receive Petroleum Prospecting Licences, giving them the right to explore and appraise the awarded assets under either Concession or Production Sharing Contract arrangements, depending on the applicable fiscal framework. In line with the PIA, they must also submit host community development plans, commit three per cent of operating expenditure to Host Community Development Trusts, and comply with environmental, social and governance (ESG) and decarbonisation requirements.
Following the Commercial Bid Conference on July 21, ministerial approvals and contract execution are expected between July and October 2026 before the licences become legally effective.
The 2025 Licensing Round builds on the 2024 exercise, which resulted in Petroleum Prospecting Licences being awarded to 12 companies across 19 blocks. If the projected capital commitments are realised, the latest licensing round could strengthen Nigeria’s upstream investment pipeline, expand the country’s hydrocarbon reserves, increase oil and gas production, boost foreign exchange earnings, and provide fresh momentum for economic growth and government revenues.