The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has listed the 50 oil blocks covering the Onshore, Shallow Water, and Deep Offshore areas to be offered to investors.

It would be recalled that the NUPRC had last week announced the official commencement of the 2025 Licensing Round, which it said marked a major step in the Federal Government’s drive to expand investment, strengthen transparency, and deepen exploration in the upstream sector.

Speaking during a press conference, the Commission’s Chief Executive of NUPRC, Engr. Gbenga Komolafe, listed the blocks to include; 15 onshore blocks, 19 shallow water blocks, 15 frontier assets and 1 deepwater block.

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In a post on its verified X handle, the commission gave a breakdown of the blocks to include, Petroleum Prospecting License (PPL) 2A29, PPL 2A30, PPL 2A31, PPL 2A32, PPL 2A33, PPL 2A34, PPL 2A35, PPL 2A36, PPL 2A37, PPL 2438, PPL 2A39 and PPL 2A40.

Others include; PPL 2A41, PPL 2A42, PPL 2443, PPL 2A44, PPL 2A45, PPL 2A46, PPL 2A47, PPL 2A48, PPL 2A49, PPL 2A50, PPL 2A51, PPL 2A52, PPL 2A53, PPL 2A54, PPL 2A55, PPL 2A56, PPL 2A57, PPL 2A58, PPL 2A59, PPL 2A60, PPL 2A61, PPL 2A62, PPL 2010, PPL 307, PPL 308 and PPL 309.

Also, there is PPL 900, PPL 901, PPL 902, PPL 903, PPL 700, PPL 701, PPL 702, PPL 703, PPL 800, PPL 801, PPL 802 and PPL 803.

FG targets $10bn as signature bonus drops to $3m, $7m

Komolafe had stated that the 2025 licensing round is expected to attract about $10bn in investments and add up to 2 billion barrels of oil output over the next 10 years with an estimated 400,000 barrels/Day of production volumes when the blocks are fully operational.

In a Frequently Asked Questions (FAQs) posted on its website, the commission said a signature bonus will be required from all bidders to submit a bid within a range of $3 million and $7 million as approved by the minister of petroleum for the reduction of entry barriers.

This is a reduction from the $10m that was requested last year.

While stating the designated signature bonus account is United States dollar-denominated which can’t be paid in Naira, it added that the registration fee is non-refundable.

Types of license

The NUPRC explained that the winners of the licensing round will be awarded a Petroleum Prospecting Licence (PPL) which confers the rights to the holder to drill exploration and appraisal wells.

“Non-exclusive right to carry out petroleum exploration operations within the area provided for in the licence. Right to carry away and dispose of crude oil or natural gas won or extracted during the drilling of exploration or appraisal wells as a result of production tests.”

It added that the licence is for an initial duration of three years, with a possible extension of another three years for onshore and shallow waters, while it is five years for deep water and frontier.

How bidding process works

The commission said it has adopted a two-stage bidding process for the award of the Blocks and the process comprises a qualification stage and a bid stage.

“The qualification stage involves the submission and evaluation of applications by interested parties or consortia in accordance with the Regulation and the Guidelines. Applicants shall provide all information required for this stage.

Only applicants who are adjudged qualified and subsequently shortlisted by the commission shall proceed to the bid stage, and will be required to execute a confidentiality agreement prior to participation.”

It added that at the bid stage, shortlisted applicants or bidders shall submit their technical and commercial bids in accordance with the regulation, guidelines, and any other bidding documents issued by the commission.