Licensing Round: Winners Move to Secure Blocks, Begin Bonus Payment
• NUPRC insists on 90-day compliance window •Commission releases official list of winners Emmanuel Addeh in Abuja Successful bidders in Nigeria’s latest oil and gas licensing round have begun the
Nigeria's latest oil and gas licensing round has seen successful bidders move quickly to secure their awarded blocks, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) enforcing a 90-day compliance window. This period is crucial for bidders to meet statutory obligations, including the payment of signature bonuses, which range from $3 million to $7 million per block.
The NUPRC released the official list of winners after the commercial bid conference in Abuja, with 31 corporate entities awarded 37 prospective licences. The awarded blocks span various regions, including onshore and shallow water areas in the Niger Delta, deep offshore assets, and frontier basins like Anambra, Benue Trough, Benin, and Chad.
Failure to comply with the 90-day period and pay the required bonuses could result in forfeiture of bid guarantees and provisional awards to reserve bidders. The licensing round aimed to boost exploration activity, attract fresh capital, and increase Nigeria's oil and gas reserves.
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