Nigeria launches 2025 petroleum licensing round to attract $10bn investment and unlock up to two billion barrels of oil.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has launched the Nigeria 2025 Petroleum Licensing Round, aiming to attract $10 billion in new investments and unlock up to two billion barrels of crude oil reserves.
Also read: Nigeria crude oil exports plunge despite rising production in 2025
Unveiling the round on Monday, NUPRC Chief Executive Gbenga Komolafe said the initiative covers 50 oil and gas blocks across onshore, shallow-water, frontier, and deepwater terrains.
He described the exercise as a major step in revitalising exploration, expanding reserves, and boosting national production.
“The Nigerian Upstream Petroleum Regulatory Commission is proud to formally announce the commencement of the Nigeria 2025 licensing round and the launch of the licensing round online portal br2025.nuprc.gov.ng,” Komolafe said.
“This announcement is in line with Section 73 of the Petroleum Industry Act, 2021, which prescribes a fair, transparent, and competitive bidding process. Following the approval of President Bola Ahmed Tinubu, 50 blocks across diverse basins have been listed for exploration.”
Of the 50 blocks, 15 are onshore, 19 shallow water, 15 frontier, and 1 deepwater.
Projections indicate that full operationalisation of these assets could collectively deliver up to 400,000 barrels per day.
The 2025 round is expected to attract $10 billion in investments over the next decade.
Komolafe highlighted the two-stage bidding process, designed to ensure credibility and investor confidence.
Applicants must first pass a qualification stage, submitting extensive documentation, before proceeding to the technical and commercial bid stage.
Winners will be determined at the commercial round.
The Commission emphasised that the age of a company or date of incorporation is irrelevant; assessment focuses on technical capacity, professionalism, and financial capability.
The Chief Executive defended past licensing rounds, noting that the 2024 exercise was “massively successful” with awardees complying and advancing exploration activities.
Rig counts across the country have risen, reflecting active drilling and field development.
“Development of an asset is driven by human capital, technology, and funding, not the date of incorporation of a special-purpose vehicle,” Komolafe said.
“A newly registered company with the right expertise and funding can develop an asset faster than an older one without capacity.”
He also confirmed that signature bonuses are no longer a winning criterion.
Instead, a Bid Guarantee Requirement ensures that successful bidders proceed to field development.
The NUPRC chief added that the 2025 round builds on lessons from previous licensing rounds, integrating digital platforms, automated workflows, and improved data access.
The Commission plans global roadshows, including in Beijing, to attract investors with the financial and technical capacity to develop Nigeria’s hydrocarbon potential.
Also read: Nigeria Oil Production 2025 Surges Past 1.8m bpd, Boosting Budget Hopes
The Nigeria 2025 Petroleum Licensing Round is part of a broader strategy under the Petroleum Industry Act to rebuild confidence in the upstream sector, encourage indigenous participation, and reposition Nigeria as a competitive investment destination in Africa’s largest oil-producing nation.
Fresh concerns have emerged over compliance with a court order issued by the High Court of Kano State on April 8, 2026, restraining key parties—including the Honourable Minister of Education, the Kano State Ministry of Land and Physical Planning, the Kano State Urban Development Authority, and Pluck Global Company Limited—from further actions pending the determination of the matter before the court.
Findings indicate that while all parties—except the concessionaire, Pluck Global Company Limited—were duly served within two days of the order, significant challenges were encountered in effecting service on the company, raising troubling questions about its corporate traceability and regulatory vetting.
A review of the company’s records filed with the Corporate Affairs Commission (CAC) revealed addresses that could not be verified as functional business locations. Notably, documentation submitted to Federal Government College (FGC), Kano, dated June 20, 2024, listed two addresses: 8B, Lalupon Street, off Keffi Street, off Awolowo Road, Ikoyi, Lagos, as its head office, and 3 Bargery Road, Bompai, Kano, as its branch office.
However, a physical visit to the Ikoyi address revealed that the entire property is occupied by a company identified as Golden Alchemy, whose staff категорically denied any knowledge of, or shared occupancy with, Pluck Global Company Limited.
Efforts to trace the Kano address yielded even more unsettling findings. The location—a locked duplex—showed no visible signs of commercial activity. Neighbours, while reluctant to speak on record, alluded to irregular movements at odd hours, casting further doubt on the legitimacy of the premises as a corporate office.
In a twist, after multiple attempts to establish contact, an individual purportedly representing the company surfaced in Kano and agreed to receive and acknowledge the court order on April 11, 2026, at approximately 6:00 pm. Curiously, the Ikoyi address—already discredited—was again listed as the company’s official address in the acknowledgment.
These developments raise critical questions regarding due diligence and Know Your Customer (KYC) protocols on the part of the Federal Ministry of Education. They also cast a spotlight on the Infrastructure Concession Regulatory Commission (ICRC), should a concession agreement indeed have been executed with the company. Stakeholders say it would be instructive to review the addresses contained in all official correspondences and contractual documents linked to the transaction.
Meanwhile, a visit to the premises of Federal Government College, Kano, revealed ongoing construction activity, with workers observed excavating foundations. When approached, the workers declined to disclose the authority under which they were operating—despite the subsistence of a court order restraining further action.
Notably, a previously installed project billboard bearing the insignia of the school authorities and the Federal Ministry of Education had been removed. Sources within the institution suggest that the directive for its removal may have emanated from the Ministry following receipt of the court order.
The unfolding situation presents a complex mix of legal, regulatory, and accountability issues—raising the spectre of possible non-compliance with judicial directives, as well as deeper concerns about transparency in public-private concession arrangements.
Trending News5 years ago
Others4 years ago
Humanity4 years ago
Others7 years ago
Business2 years ago
Business2 years ago