NUPRC GIVES 31 OIL BLOCK WINNERS 90 DAYS TO PAY BONUSES

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given 31 companies that won 37 oil and gas blocks in the 2025 Licensing Round a deadline to pay their required signature bonuses or risk losing their provisional awards.

The commission said the successful bidders have 90 days from the issuance of their provisional awards to complete the required payments and other post-award conditions. With the awards issued after the July 21 commercial bid conference, the deadline falls on October 19, 2026.

Under the applicable rules, signature bonuses range from $3 million to $7 million per block. The companies are also required to provide guarantees, pay first-year rents, and meet other regulatory conditions.

NUPRC warned that companies that fail to meet the requirements within the stipulated period will forfeit their bid guarantees, while their provisional awards will be transferred to reserve bidders.

The licensing round attracted 143 companies, which submitted about 200 bids for the 37 blocks that received offers. The blocks cover areas including the Niger Delta, Anambra Basin, Benue Trough, Chad Basin, and Benin Basin.

NUPRC Chief Executive, Oritsemeyiwa Eyesan, urged the successful companies to complete their payments promptly and move ahead with developing the awarded assets.