Thirty-one companies have secured rights to 37 oil and gas blocks following the conclusion of Nigeria's 2025 Licensing Round, held in Abuja on Tuesday. Out of 50 blocks offered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC — the federal body overseeing upstream oil and gas activities), 143 companies submitted around 200 bids, with 13 blocks attracting no offers. The NUPRC noted the round was historically significant as it marked the first time Nigeria's frontier basins — including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin — drew substantial investor interest; final awards are contingent on payment of signature bonuses and ministerial approval, with undeveloped assets subject to withdrawal under the commission's "drill or drop" policy.