Only those with technical, financial capacity will enter final oil bidding process – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said those with strong technical and financial credentials will proceed to the critical stage of the bidding process.

The clarification is coming as NUPRC is coordinating licensing round, especially for bidders interested in 50 oil and gas blocks on offer.

A statement by Eniola Akinkuotu, Head, Media and Strategic Communication, NUPRC, stated that the commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, at the 2025 licensing round pre-bid webinar on Wednesday, insisted that applicants with strong technical and financial credentials will proceed to the critical stage of the bidding process.

She said, “The process follows five steps: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference.

“Only candidates with strong technical and financial credentials, professionalism, and credible plans move forward. Winners are chosen through a transparent, merit-based procedure.”

The NUPRC boss notes that with the approval of President Bola Tinubu, signature bonuses for the 2025 licensing round are now set within a value range that reduces entry barriers and places greater weight on what truly matters: technical capability, credible work programmes, financial strength, and the ability to deliver production within the shortest possible time.

“This has been done to increase competitiveness and in response to capital mobility,” the CCE stated.

Eyesan described the licensing round as an open call for committed partners who are ready to invest capital, bring technical excellence, and accelerate Nigeria’s assets from license award to exploration, appraisal, and ultimately, full production.

The NUPRC boss restated the Commission’s commitment to a transparent licensing round, insisting that Nigeria is “ready to be the beautiful bride to capital and playroom for advanced technological deployment for hydrocarbon recovery.”

She added, “In this licensing round, 50 oil and gas blocks across Nigeria are available, allowing investors to access the country’s key basins and create long-term value.”

During the webinar, experts from the NUPRC explained the guidelines, model contracts, bid parameters, and evaluation criteria in order to help investors navigate uncertainty and operate within a framework that is transparent, predictable, and deliberately designed to inspire confidence.