By Tajudeen Suleiman —
On July 21, 2026, Nigeria’s upstream petroleum regulator, the Nigerian National Upstream Petroleum Regulatory Commission (NUPRC), unveiled the 31 companies that emerged as winners of 37 oil and gas blocks after what observers described as a rigorous evaluation process ultimately determined through a computer-based bid evaluation system designed to eliminate human interference.
Yet, questions about transparency are inevitable in any licensing exercise involving strategic national assets. The true measure of transparency is not the absence of scrutiny, but the presence of clear rules, public disclosure, and a process that can withstand independent examination.
The journey began in 2025 when President Bola Ahmed Tinubu, who also serves as Nigeria’s Minister of Petroleum Resources, approved the 2025 Licensing Round. At a high-profile event in London attended by international oil companies (IOCs) and indigenous operators, the Commission officially announced the exercise on November 11, 2025, and launched the registration portal, which opened on December 1.
Beyond the announcement, the regulator took additional steps to comply with statutory requirements by publishing notices in national newspapers, including The Punch, as well as in a foreign newspaper, in line with the Petroleum Industry Act (PIA) 2021 and the 2025 Licensing Round Guidelines.
These preliminary actions reflected an effort to adhere strictly to the rulebook, consistent with the NUPRC’s stated objective under the leadership of Chief Executive Oritsemeyiwa Eyesan, of entrenching transparency, competitiveness, and predictability in Nigeria’s upstream petroleum sector.
Why the Licensing Round Matters
It is beyond dispute that Nigeria’s hydrocarbon resources require sustained exploration and accelerated development to unlock their full economic potential while expanding opportunities for gas utilisation. New investments in upstream exploration are critical not only to replacing product reserves but also to strengthening the country’s long-term energy security and export capacity.
At the time the 2025 Licensing Round was launched, Nigeria’s proven crude oil and condensate reserves stood at 37.01 billion barrels, while proven natural gas reserves were estimated at 215.19 trillion cubic feet (tcf). Against this backdrop, the Commission boss, Mrs. Eyesan, stated that the 50 assets offered in the 2025 Licensing Round have the potential to add about 500 million barrels to the nation’s reserves if successfully explored and developed.
The significance of this projection cannot be overstated. At a time when the Federal Government is seeking to expand revenue sources to meet growing budgetary commitments, attracting credible investors to develop untapped oil and gas assets has become both an economic and fiscal imperative.
This time, blocks were drawn from diverse terrains including the Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4) and Benue Trough (4).
Why the Rigorous Process Is Inevitable
The first test of transparency is strict adherence to established guidelines, openness, and compliance with prescribed timelines.
For the Commission, these principles were embedded in every stage of the Nigeria 2025 Licensing Round. The Guidelines clearly defined the participation requirements, technical and commercial criteria, and evaluation process, while the Licensing Round Portal, Pre-Bid Conference, webinars, and dedicated enquiry channels ensured equal access to information and timely clarification for all applicants.
This transparent, rules-based approach delivered unprecedented participation. For the first time in Nigeria’s oil block licensing history, nearly 300 companies expressed interest in the 50 available assets. Following prequalification, 196 applicants qualified for the bidding stage, and by the submission deadline, 143 companies had submitted 200 technical and commercial bids across 37 assets.
How Winners Emerged
For Eyesan, the Commercial Bid Conference represented the defining test of the Commission’s commitment to transparency under her leadership. On that Tuesday at Transcorp Hilton Abuja, the commercial bids of qualified applicants were publicly opened and combined with their technical scores before more than 600 participants, including bidders, observers, industry stakeholders, and over 40 journalists. The exercise was also broadcast live, reinforcing the openness of the process.
The process lasted for 8 hours and 34 minutes.
To ensure seamless participation, the Commission provided standby laptops, power banks, and technical support for bidders throughout the exercise.
In line with the Guidelines, commercial evaluation was based on the signature bonus, work programme commitment, and work programme performance security.
