The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that Nigeria’s crude oil reserves will increase by an additional 500 million barrels following the successful conclusion of the 2025 Licensing Round, which saw 31 companies emerge winners of 37 oil and gas blocks.
The Commission said the expected reserve growth would be driven by exploration and development activities to be undertaken by the successful bidders once the licensing process is completed.
Speaking at the Commercial Bid Conference for the 2025 Nigeria Licensing Round in Abuja on Thursday, the Chief Executive of the NUPRC, Mrs. Oritsemeyiwa Eyesan, said the awarded assets have the potential to significantly strengthen Nigeria’s hydrocarbon reserves.
According to her, the assets on offer could add about 500 million barrels to the country’s existing crude oil and condensate reserves of 37.01 billion barrels, while also supporting the development of Nigeria’s vast gas resources, currently estimated at 215.19 trillion cubic feet (tcf).
“The assets available in this licensing round have the potential to add about 500 million barrels to Nigeria’s reserves, increasing our existing reserves of crude oil and condensate—which currently stand at 37.01 billion barrels—and 215.19 trillion cubic feet of gas,” she said.
The 2025 Licensing Round attracted considerable investor interest, with 143 companies submitting 200 technical and commercial bids for 37 of the 50 oil and gas blocks initially offered by the Commission.
The blocks covered various terrains, including the Niger Delta onshore, shallow water, deep offshore and frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.
Of the 50 blocks offered, 37 received bids, while 13 frontier basin blocks failed to attract investors, a development the Commission said was anticipated because those assets remain largely unexplored and have not been sufficiently de-risked.
Eyesan explained that the absence of bids for the frontier assets did not come as a surprise.
“When we went into the market, we were transparent in explaining that some of these assets are located in frontier basins. Frontier means they have not yet been de-risked, so we were not surprised when some of the assets returned with no bidders,” she stated.
She added that the Commission would continue to recover underperforming assets from existing operators in line with the provisions of the Petroleum Industry Act (PIA) 2021 and subsequently reintroduce them into future licensing rounds.
“The reason why we are in the market is because of the blocks we have recovered from existing operators. It is a continuous process, and assets that meet the required threshold will always be returned to the licensing basket,” she said.
The licensing exercise marked the first time Nigeria’s frontier basins attracted such significant investor interest, signalling growing confidence in the country’s upstream petroleum sector following reforms introduced under the PIA.
Among the companies that emerged successful in the bid round are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, 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, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.
The Commission clarified that, in accordance with the Petroleum Industry Act, the successful bidders would only receive their final Petroleum Prospecting Licences (PPLs) after payment of the prescribed signature bonuses and approval by the Minister of Petroleum Resources.
Speaking at the event, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described Nigeria as one of the world’s most attractive destinations for upstream oil and gas investment, particularly against the backdrop of geopolitical tensions affecting global energy markets.
He said Nigeria’s strategic location in the Gulf of Guinea, coupled with reforms introduced by the Petroleum Industry Act, has enhanced investor confidence by eliminating discretionary allocation of oil blocks and ensuring a transparent, competitive licensing process.
