Nigeria Targets $10bn in New Oil Bid Round
Atume Terfa
Nigeria has kicked off one of its most ambitious oil licensing rounds in years, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveiling a 2025 bid round designed to pull in $10 billion in fresh investments and unlock vast new reserves.
Announced by NUPRC Chief Executive Gbenga Komolafe, the round offers 50 oil and gas blocks spanning some of the country’s most promising terrains — from onshore belts and swamp zones to frontier basins and deep-water acreage. The allocation includes 15 onshore blocks, 19 shallow-water fields, 15 frontier blocks, and a key deep-water asset, reflecting Nigeria’s push to diversify exploration activities across multiple basins.
According to the regulator, the round is structured to deliver tangible results. If fully explored and developed, the blocks could add an estimated 2 billion barrels to national reserves and ramp up output by as much as 400,000 barrels per day over the next decade — a major boost for a country battling production declines and underinvestment.
To make the offer more attractive, NUPRC has rolled out a series of investor-friendly upgrades. Thousands of kilometres of 2D and 3D seismic data have been reprocessed to provide sharper subsurface images, helping companies cut exploration risk and upfront costs. In addition, signature bonuses — long considered a major financial barrier to entry — have been reduced to give more local and mid-size players a competitive shot.
The commission also highlighted that the entire process will run through a digital, two-stage bidding platform, implementing global best practices under the Petroleum Industry Act (PIA) 2021. This shift aims to enhance transparency, reduce bureaucracy, and build investor confidence in Nigeria’s regulatory environment.
Beyond boosting daily output, the 2025 oil bid round is expected to create thousands of jobs, expand gas development for domestic and industrial use, and deepen local participation — all in line with the federal government’s broader drive to revitalise the energy sector and stabilise the economy.
For a nation long reliant on oil but hampered by pipeline vandalism, underfunded fields, and fluctuating investment flows, this licensing round could mark a new chapter. With upgraded data, lower entry hurdles, and a clear policy direction, Nigeria is signalling that it is ready to compete again — and ready to welcome both local and international investors back into its oil heartland.
