The Federal Government says the ongoing 2025 Licensing Round is expected to increase Nigeria’s crude oil production by at least 300,000 barrels per day (bpd) within the next three years, supporting its ambition to achieve three million bpd by 2030.
Speaking at the Commercial Bid Conference in Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Mrs Oritsemeyiwa Eyesan said the assets on offer could also add about 500 million barrels to the country’s oil reserves. “The assets available in this licensing round have the potential to add about 500 million barrels to Nigeria’s reserves. Over the next three years, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production,” she said.
According to Eyesan, nearly 300 companies expressed interest in the 2025 Licensing Round. After the prequalification process, 196 companies qualified, while 143 firms submitted about 200 technical and commercial bids covering 37 assets. She confirmed that 13 oil blocks received no bids and have been returned to the licensing pool because they are located in frontier basins that require further evaluation before attracting investors.
She stressed that the bidding process follows President Bola Tinubu’s directive to ensure transparency and international best practices. Successful bidders, she explained, will be selected based on a combination of technical and commercial performance rather than the highest signature bonus. “Our message is clear: drill or drop. Work programmes must be implemented, financial commitments honoured and agreed milestones achieved,” she said.
Eyesan also announced that President Tinubu has approved another licensing round for 2026, with successful bidders required to meet post-award conditions within 90 days or lose their licences.
Industry stakeholders welcomed the development. OGSPAN President Mazi Colman Obasi said increased investment would help raise production, while petroleum economist Prof. Iledare Wumi expressed cautious optimism, stressing that consistent execution remains the key to achieving Nigeria’s oil production goals.
Do you think the 2025 Licensing Round will deliver the production growth Nigeria is aiming for?
