By Onu Okorie
Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission NUPRC Oritsemeyiwa Eyesan has said that assets in the ongoing Nigeria 2025 Licensing Round could add about 500 million barrels to the nation’s hydrocarbon reserves and boost crude oil and condensate production by at least 300,000 barrels per day within the next three years if successfully developed.
Mrs Eyesan, disclosed this on Tuesday in Abuja while delivering her opening remarks at the Commercial Bid Conference for the Nigeria 2025 Licensing Round, themed “Expanding Opportunities: Right Play, Right Place, Right Time.”
According to Eyesan, the assets on offer have the potential to increase Nigeria’s current crude oil and condensate reserves from 37.01 billion barrels, while also strengthening the country’s gas reserves, which stand at 215.19 trillion cubic feet.
She said the expected production from the assets would support Nigeria’s ambition of raising crude oil output to three million barrels per day by 2030, stressing that the Federal Government was committed to supporting production from both small and large fields to broaden industry participation and maximise value.
Eyesan noted that beyond increasing production, the assets would generate higher government revenue, improve foreign exchange earnings, create jobs, expand opportunities for indigenous service companies, encourage technology transfer and stimulate wider economic growth.
She, however, warned prospective winners that acquiring petroleum assets was not an end in itself but a commitment to invest and produce.
“An award is not a trophy to be held. It is an obligation to invest, drill, develop and produce. Our message is therefore clear: drill or drop,” she declared.
The NUPRC boss said successful bidders would be expected to implement approved work programmes, honour financial commitments and meet agreed project milestones, adding that the commission would provide regulatory support to credible operators while insisting on performance.
She stressed that inactive acreage would not be tolerated, saying Nigeria could not afford delays in achieving its production, revenue and energy security objectives.
Eyesan explained that the success of the licensing round would ultimately be measured by how quickly awarded assets move from seismic acquisition to drilling, development and commercial production rather than by the number of winning bidders announced.
She also reminded successful companies that the commercial bid announcement does not automatically confer a Petroleum Prospecting Licence (PPL).
According to her, winning bidders must fulfil all post-bid conditions, including providing the required guarantees, paying the signature bonus and first-year rent, and executing all contractual agreements.
She warned that any bidder who fails to satisfy the conditions within 90 days of receiving an offer letter would forfeit the asset, while reserve bidders could be invited to take over.
“The Government is not seeking speculative holders of acreage; it is seeking partners with the capacity, discipline and commitment to deliver measurable production and economic value,” she said.
Addressing unsuccessful participants, Eyesan commended their efforts and encouraged them to remain engaged, noting that Nigeria would continue to conduct predictable and transparent licensing rounds.
She disclosed that President Bola Ahmed Tinubu had already approved the commencement of the 2026 licensing round, promising another basket of investment opportunities in the near future.
Providing an overview of the exercise, Eyesan said the licensing process began eight months ago following President Tinubu’s directive that it should be conducted transparently, fairly and in line with international best practices.
She noted that the process, initiated under former Commission Chief Executive Engr. Gbenga Komolafe, progressed through registration, prequalification, data access, bid preparation, submission and technical evaluation before reaching the commercial bid stage.
According to her, the exercise attracted interest from about 300 companies competing for 50 available assets.
After the prequalification process, 196 companies qualified for the bidding stage, while 143 firms eventually submitted 200 technical and commercial bids covering 37 assets.
She said the strong participation by both new entrants and established indigenous and international operators demonstrated growing confidence in Nigeria’s upstream petroleum sector and the country’s investment climate.
Eyesan also highlighted the commission’s emphasis on transparency throughout the process, noting that comprehensive guidelines, an online licensing portal, pre-bid conferences, webinars and dedicated support channels were established to ensure equal access to information for all participants.
She commended the Nigeria Extractive Industries Transparency Initiative (NEITI) for observing the evaluation and bid-opening processes, describing its involvement as a demonstration of Nigeria’s commitment to transparency and accountability in natural resource management.