SSonic Petroleum Limited, 30 others emerge winners of 2025 licensing round

The Nigerian Upstream Petroleum Regulatory Commission has announced the emergence of 31 companies as winners of 37 oil and gas blocks at the 2025 Licensing Round which was held in Abuja on Tuesday.

A total of 143 companies had submitted 200 bids for 37 out of the 50 oil and gas blocks originally put on offer. However, only 31 companies successfully clinched the assets, which were drawn from diverse terrains, including the Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), the Benin Basin Onshore (3), the Anambra Basin Onshore (4), Chad Basin Onshore (4), and Benue Trough (4).

According to the commission, of the 50 blocks on offer, 37 received bids, while ‘no bids’ were submitted for the remaining 13. It also explained that the 37 blocks that attracted bids were drawn from all the terrains, including the frontier basins like the Benue Trough, Chad Basin, Anambra Basin, and the Benin Basin.

“This is the first time in Nigeria’s energy history that frontier basins would attract such a level of investor interest,” the commission stated.

Among the successful companies are SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901), Rosem Energy Limited (2A38), Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), Gupsco Energy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55), Clinton Oil Field (2A48 and 2A62) and Nuway Oaklane Limited (2A49).

Others are Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59), Riparian Development and Production Limited (2A60), Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL 308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) Highban Resources Limited (PPL 700), Eyre Energy Limited (PPL 801).

In her remarks, Oritsemeyiwa Eyesa, Commission Chief Executive, emphasised that these firms will only be presented final awards after the payment of the appropriate signature bonus and the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, 2021.

She also stressed that winners must develop their assets or risk losing them in line with the drill-or-drop provision enforced by the Commission.

The CCE explained the number of oil and gas blocks being offered to investors in the 2025 licensing round dropped to 37, as the remaining 13 blocks didn’t get any bid from investors.

“So when we launched the bid, we were very transparent and open and explained that some of these assets are in Frontier basins. Frontier means that they have not yet been de-risked, and so we were not surprised when we saw that some of these assets returned with no bidders.

“What it therefore means is that we will go back and do some more work to de-risk these assets and bring them back to the market. I’m sure from the studies that we’ve been doing and the work that we need to do, these assets will come up and definitely be picked up.”

According to Eyesan, the assets available in the licensing round have the potential to add about 500 million barrels to Nigeria’s reserves, increasing the nation’s existing reserves of crude oil and condensate—which currently stand at 37.01 billion barrels and 215.19 trillion cubic feet of gas.

She explained that, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production, over the next three years. This, for her, represents a vital step for Nigeria in achieving its goal of reaching three million barrels per day by 2030.

“These projections represent more than additional barrels; they represent increased government revenue, improved foreign-exchange earnings, greater utilisation of infrastructure, opportunities for indigenous service companies, employment creation, technology transfer and broader economic growth.

“Over the next three years, once successfully developed, these assets are expected to contribute a minimum of 300,000 barrels per day of crude oil and condensate production. This licensing round represents a vital step for Nigeria in achieving its goal of reaching three million barrels per day by 2030,” she said.

Speaking further, the CCE, emphasized that each winning bidder must satisfy the post-bid conditions prescribed in the Guidelines, including the provision of the applicable guarantees, payment of the signature bonus and first-year rent, and execution of the relevant contractual documents.

She stressed that a winning bidder that fails to fulfil the prescribed conditions within 90 days of receiving its offer letter will lose its entitlement to the asset.

“The Commission may thereafter invite the reserve bidders, in their order of ranking, to fulfil the conditions of the award. The government is not seeking speculative holders of acreage; it is seeking partners with the capacity, discipline and commitment to deliver measurable production and economic value.

“It is essential to highlight that the government will support new production from both small and large fields, aiming to broaden the range of participants and promote collaboration throughout the industry. Additionally, the commission prioritises not only growth but also the production of “efficient barrels”—those that deliver value to all stakeholders, including the government,” she added.

In his remarks, Ekperikpe Ekpo, minister of state for Petroleum Resources (gas) said that the Nigerian government remain firmly committed to creating an enabling environment that attracts investment, accelerates exploration and production, and unlocks the full value of Nigeria’s hydrocarbon resources.

He explained that for gas sector in particular, the importance of this licensing round cannot be overstated as Nigeria pursues the objective of the decade of gas initiative.

For him, new upstream investments will provide the foundation for increasing gas reserves, expanding domestic gas supply, supporting industrialization, improving energy access, and strengthening Nigeria’s position in bidding as the supplier of energy globally and regionally.

“The Petroleum Industry Act, together with the administration’s ongoing policy and fiscal reforms, has significantly enhanced investor confidence by promoting regulatory certainty, transparency, and ease of doing business. Today’s exercise further demonstrates that Nigeria’s licensing regime is anchored on fairness, accountability, and international best practice.

“With one of the largest proven natural gas reserves in the world, abundant oil resources, a growing domestic market, and a reform-oriented government, Nigeria remains one of the most attractive investment destinations in the global energy market,” he said.

Also speaking at the event, Heineken Lokpobiri, Minister of Petroleum (Oil), reiterated that Nigeria, as of today, is one of the most attractive investment destinations in the world, given the current conflict between Iran and the U.S. which he said has made the available assets among the most valuable assets that you can think of anywhere in the world.

Also speaking at the event, Heineken Lokpobiri, Minister of State for Petroleum, said Nigeria is one of the most attractive investment destinations in the world given the current conflict in the Gulf region between Iran and the U.S.

He sated that the assets to be auctioned are among the most valuable assets that you can think of anywhere in the world because of Nigeria’s strategic location in the Gulf of Guinea.

“It’s also important for us to say that nobody knows the content of the commercial bid that you have bidded. And the PIA, I want to say unfortunately, has prevented discretionary allocation of oil blocks. I wish I was minister when the Petroleum Act was in operation.

“I would have exercised my powers to discretionary allocate it to those I believe that have the requisite financial, technical capacity to be able to develop businesses. But I like what the PIA said, that these licences that will be issued today or that will be won today should not be trophies as it has been in the past.”