Oil stakeholders demand review of NUPRC licensing bid criteria
Oil and gas industry stakeholders have urged President Bola Tinubu to conduct a formal review of the NUPRC’s licensing bid round, emphasising the need for refined criteria to attract deepwater investm
Oil and gas industry stakeholders urged President Bola Tinubu to conduct a formal review of the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) recent licensing bid round. The coalition emphasised that refining bid criteria and regulatory oversight will improve market confidence, encourage transparent asset allocation, and attract deepwater investment. The call comes as the NUPRC prepares to launch the 2026 licensing round in the third quarter of the year, having received presidential approval in line with the Petroleum Industry Act.
The NUPRC has expressed satisfaction with the conduct of the 2025 licensing round, with the commercial bid phase scheduled for July before the next cycle begins. Commission Chief Executive Oritsemeyiwa Eyesan stated that heightened participation in the ongoing round is a testament to Nigeria’s progress. “We are fortunate that the President and Minister of Petroleum Resources have approved the 2026 Licensing Round. We are currently finalising the 2026 launch, which will happen latest by the third quarter. This is a make-or-break point, and we want to ensure we succeed.”
The stakeholders’ call for a review reflects concerns that the current bid criteria may not be optimally structured to attract the scale of investment Nigeria needs, particularly in deepwater assets. Refining the criteria could improve transparency and reduce uncertainty for investors. This echoes the 2010s oil licensing rounds, which also faced criticism over transparency and criteria. The mechanism then was different, but the result was the same: a need for greater investor confidence.
The winners: the Nigerian oil and gas sector, which stands to benefit from increased investment; and international oil companies, which gain from more transparent processes. The losers: the Nigerian government, which must balance the need for investment with the need for revenue.
Bottom Line: Oil stakeholders want a review of the licensing bid round. The goal is to attract deepwater investment. The question is whether the review will happen before the next round begins.