NUPRC announces winners of oil block licensing round and issues warning
The Nigerian Upstream Petroleum Regulatory Commission has named 31 companies as winners of 37 oil and gas blocks in a recent licensing round. Oritsemeyiwa Eyesan, the Commission Chief Executive, highlighted that the evaluation team faced threats but maintained the integrity of the process. The winners must pay signature bonuses and meet post-award conditions or risk losing their awards. President Bola Tinubu and ministers Heineken Lokpobiri and Ekperikpe Ekpo emphasized transparency and the need for actual field development.
TLDR
- 31 companies were declared winners of 37 oil and gas blocks after a competitive licensing round.
- The evaluation process lasted eight months and faced threats, but officials say it remained credible and transparent.
- Winners must fulfil post-award conditions, including payment of signature bonuses, or risk forfeiture.
- The process used automated scoring to eliminate human interference and ensure fairness.
- Officials warned against treating licences as speculative assets and stressed the importance of field development.
