Nigeria Shifts Strategy: Technical Excellence to Trump Cash in Historic 50-Block Licensing Round
The Nigerian Upstream Petroleum Regulatory Commission has announced a fundamental shift in how the country awards oil and gas licenses, prioritizing technical capability and credible work programs over signature bonuses in its ongoing 50-block licensing round. During a pre-bid webinar, NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan revealed that only applicants with strong technical and financial credentials will advance to critical evaluation stages. With presidential approval from Bola Ahmed Tinubu, signature bonuses have been set within a reduced value range designed to lower entry barriers and emphasize merit-based selection rather than upfront cash commitments.
The five-step selection process—registration and pre-qualification, data acquisition, technical bid submission, evaluation, and commercial bid conference—will focus on identifying partners capable of delivering production in the shortest possible time. Winners will be selected through transparent evaluation of technical capability, financial strength, and the quality of proposed work programs.
Eyesan described the licensing round as an open call for committed partners ready to invest capital and bring technical excellence to accelerate Nigeria’s assets from license award to exploration, appraisal, and full production. The bid process will comply with the Petroleum Industry Act, leverage digital tools for smooth data access, and remain subject to public and institutional scrutiny through the Nigeria Extractive Industries Transparency Initiative and other oversight bodies.
The 50 blocks span Nigeria’s key basins and represent a major opportunity for investors to access the country’s hydrocarbon resources within a transparent and predictable regulatory framework. Subject matter experts from NUPRC provided detailed guidelines on model contracts, bid parameters, and evaluation criteria during the webinar. This strategic pivot reflects Nigeria’s response to global capital mobility in energy markets and its determination to attract serious, technically competent operators rather than purely financial speculators.
Source: orientalnewsng.com
