The Federal Government says the ongoing 2025 Licensing Round is expected to increase Nigeria’s crude oil and condensate production by at least 300,000 barrels per day (bpd) within the next three years, supporting its goal of producing 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 if successfully developed.
She noted that Nigeria’s current reserves stand at 37.01 billion barrels of crude oil and condensate, alongside 215.19 trillion cubic feet of natural gas, adding that the licensing exercise is expected to strengthen both.
Eyesan disclosed that nearly 300 companies initially showed interest in the 50 assets available. After the prequalification process, 196 firms qualified, while 143 companies submitted 200 technical and commercial bids covering 37 assets. She said 13 blocks failed to attract bids and have been returned to the licensing pool.
According to her, several of the unbid assets are located in frontier basins, where exploration risks remain high. She said the commission plans to carry out additional work to reduce those risks before offering the assets again.
Eyesan said the exercise follows President Bola Tinubu’s directive to ensure transparency and global best practices. She explained that successful bidders will be selected using a combination of technical and commercial scores, rather than simply offering the highest signature bonus.
She also announced that President Tinubu has approved another licensing round for 2026, warning that successful bidders will have 90 days to meet post-award requirements or risk losing their licences to reserve bidders. Reaffirming the commission’s policy, she said operators must either develop their assets or relinquish them.
Commenting on the development, Oil and Gas Services Providers Association of Nigeria (OGSPAN) President, Mazi Colman Obasi, said increased investment in the upstream sector should boost oil and gas production, which currently stands at about 1.7 million bpd, including condensate.
Obasi added that the Federal Government’s proposed ₦68.32 trillion 2026 budget is based on a production target of 1.84 million bpd, expressing confidence that continued investment and project execution would improve output.
Petroleum economist Prof. Iledare Wumi also welcomed the initiative but urged caution, saying Nigeria’s challenge has been implementation rather than a lack of vision. He stressed that achieving the country’s production targets would require strong leadership, institutional discipline and consistent execution.
