NUPRC Cuts Entry Costs as Nigeria Offers 50 Oil, Gas Blocks

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has met with prospective bidders for the 50 oil and gas blocks on offer in the 2025 Oil Licensing Round, holding a pre-bid conference in Lagos with government officials and industry stakeholders.

At the meeting, NUPRC Chief Executive Oritsemeyiwa Eyesan announced reduced entry costs, including lower signature bonuses and pre–first oil charges, as part of reforms to attract fresh upstream investment. She said the Petroleum Industry Act has improved asset discipline, leading to the recovery of idle fields now available for bidding.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, warned that licenses must be actively developed and not held for prestige, stressing that the PIA does not permit asset hoarding or refunds. Eyesan added that NUPRC’s wider agenda focuses on faster approvals, production growth, and sustainable operations in line with Nigeria’s output targets.