The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given 31 companies that emerged winners of 37 oil and gas blocks in the 2025 Licensing Round a strict deadline to complete their signature bonus payments. The companies risk losing their provisional awards if they fail to meet the payment requirements within the stipulated period.
The warning comes one month after the NUPRC held its commercial bid conference in Abuja, where the successful bidders were announced. According to the commission, the compliance process has now begun, with winners required to fulfil their financial obligations before their provisional awards can be secured. Under the Petroleum Industry Act, failure to meet the deadline could lead to the affected blocks being handed to reserve bidders.
The 37 blocks span several major oil and gas-producing and frontier areas, including the Niger Delta onshore and shallow-water fields, deep offshore locations and emerging basins. The assets include blocks in the Anambra Basin, Benin Basin, Chad Basin and Benue Trough, highlighting the scale of the licensing round and the potential opportunities available to investors.
A total of 143 companies took part in the licensing exercise, submitting about 200 bids for the 37 blocks. Successful bidders are required to pay signature bonuses ranging from $3m to $7m per block, in addition to first-year rents, required guarantees and other post-award obligations. NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, had earlier urged the winners to complete the necessary payments promptly and move towards developing the awarded assets.
With the provisional awards issued after the July 21, 2026 commercial bid conference, the 90-day payment window means the companies have until October 19, 2026, to complete their obligations. The NUPRC warned that companies that miss the deadline will forfeit their bid guarantees and have their provisional awards revoked, with the affected blocks then transferred to the next-ranked reserve bidders.
source: punch
