Nigeria in upstream charm offensive
The country has opened bidding on 50 blocks in a new licensing round but will face competition for attention and will need to address concerns about security and legislation
Nigeria will need to convince investors that regulatory and security improvements can be sustained as its licensing round faces keen international competition. The country in January opened a licensing round for 50 onshore and offshore oil and gas blocks, 35 of which are in the Niger Delta. Parties can bid for a maximum of two blocks. Signature bonuses have been reduced to between $3m and $7m, versus $10m in 2024. The round will “reposition Nigeria’s upstream sector for serious business”, Oritsemeyiwa Eyesan, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), told a briefing. Investors “are not navigating uncertainty”, but an environment designed to create confidence, she
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