Nigeria is targeting a minimum of 300,000 barrels per day of crude oil and condensate production, along with an additional 500 million barrels in reserves within three years, from 37 oil and gas assets that drew bids in the ongoing 2025 Licensing Round.

Nigerian Upstream Petroleum Regulatory Commission Chief Executive Oritsemeyiwa Eyesan said at the Commercial Bid Conference in Abuja that the round, launched eight months ago on the directive of President Bola Tinubu, was designed to open new opportunities and align Nigeria with global best practices through a transparent process. She said the round, out of 50 blocks initially offered, attracted serious interest in 37, with about 300 companies expressing initial interest, 196 qualifying after prequalification, and 143 companies ultimately submitting 200 technical and commercial bids by the deadline.

She said the assets could add about 500 million barrels to Nigeria’s existing reserves of 37.01 billion barrels of crude and condensate and 215.19 trillion cubic feet of gas, and once developed, are expected to contribute at least 300,000 barrels per day toward Nigeria’s goal of reaching three million barrels daily production by 2030. She said the projections translate into higher government revenue, improved foreign exchange earnings, greater use of infrastructure and job creation.

Eyesan described participation as diverse, including new entrants and established players, and said bids would be judged on a mix of competence, work programme credibility, resource commitment and financial terms including signature bonus and performance security, with winners determined by the highest weighted score representing the best long term value rather than the highest upfront payment. She noted the Nigeria Extractive Industries Transparency Initiative observed the bid evaluation process to reinforce accountability.

She warned successful bidders that an award represents an obligation to invest and produce rather than a prize to hold, saying winning bidders must satisfy post bid conditions, including guarantees and signature bonus payment, within 90 days or risk losing the asset to reserve bidders. She said Nigeria is not seeking speculative holders of acreage but partners with the capacity and discipline to deliver production, and confirmed that President Tinubu has approved the commencement of a further 2026 licensing round.