31 Companies Win Nigeria’s Oil and Gas Blocks in Major Bid Round

(oil and gas blocks. Photo by Naijaonpoint)

Following a hotly contested commercial bid conference for the 2025 licensing round on Tuesday in Abuja, thirty-one corporations were declared successful bidders for 37 oil and gas blocks.

The winners of the competition, which drew 200 bids for 37 of the 50 blocks initially put up for sale from 143 businesses, were announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (one), Benin Basin Onshore (three), Anambra Basin Onshore (four), Chad Basin Onshore (four), and Benue Trough Onshore (four) are only a few of the various terrains covered by the blocks. For the next thirteen blocks, no bids were placed.

In a landmark development, the frontier basins the Benue Trough, Chad Basin, Anambra Basin, and Benin Basin drew significant investor interest for the first time in Nigeria's energy history.

Successful Bidders and Next Steps

The winning firms include SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, which secured two blocks, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, which also secured two blocks, Saratoga, Volante, Concept-Reel Petroleum Services Limited, which secured two blocks, Clinton Oil Field, also with two blocks, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, with two blocks, Stardeep Petroleum, Dakoda & U Limited, also with two blocks, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited, and Eyre Energy Limited.

NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, announced that final awards would be presented upon payment of the applicable signature bonuses and approval by the Minister of Petroleum Resources, in line with the Petroleum Industry Act 2021.

She thanked President Bola Tinubu for supporting the commission in delivering a seamless licensing round and congratulated the winners, urging them to promptly settle their signature bonuses and proceed with developing their assets.

She warned that failure to do so would trigger the commission's "drill or drop" provisions, which could result in the forfeiture of the affected blocks.

The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI), and other stakeholders, in compliance with existing laws.