The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off the bidding process for 50 oil and gas blocks across five sedimentary basins, insisting that only firms with solid technical expertise and financial capacity will be considered in the 2025 licensing round. According to Eyesan, the 50 oil and gas blocks on offer are located in five of Nigeria’s seven sedimentary basins, providing opportunities in both frontier and mature terrains. She added that the commercial terms of the licensing round had been reviewed, with the approval of President Bola Tinubu, to strike a balance between lowering entry barriers and discouraging unserious participation. He said technical evaluation would assess bidders’ subsurface understanding, exploration work programmes, development and production concepts, sustainability plans, decarbonisation goals and host community strategies. AdvertisementThe NUPRC had earlier announced the commencement of the 2025 petroleum licensing round on December 1, 2025, with the government targeting up to $10 billion in new upstream investments from the exercise.