Nigeria’s upstream oil regulator has awarded 37 oil and gas blocks to 31 companies following a competitive bidding process under the country’s 2025 licensing round, as Africa’s largest oil producer seeks to boost investment in exploration.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the successful bidders emerged after a commercial bid conference held in Abuja on July 21.

A total of 37 of the 50 blocks offered attracted bids, while 13 received none, the commission said in a statement.

The awarded blocks span the Niger Delta onshore and shallow water areas, as well as the deep offshore, Benin Basin, Anambra Basin, Chad Basin and Benue Trough.

“This is the first time in Nigeria’s energy history that frontier basins would attract such level of investor interest,” the commission said.

The successful companies include Sonic Petroleum Limited, Asharami, LexOil, Saratoga, Volante, Stardeep Petroleum, Lanaka Petroleum and Eyre Energy Limited, among others.

NUPRC Chief Executive Oritsemeyiwa Eyesan urged the successful bidders to pay their signature bonuses promptly and begin developing the assets.

He warned that companies failing to develop awarded blocks could lose them under the commission’s “drill or drop” policy.

The commission said final awards would be issued after payment of the required signature bonuses and approval by the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA) 2021.

Nigeria launched the 2025 licensing round in December 2025 as part of efforts to attract fresh investment into its upstream petroleum sector. The regulator reduced signature bonuses for the round to between $3 million and $7 million, down from $10 million in the previous licensing exercise.