The Centre for Energy Policy, Research and Strategic Development (CEPRSD) has commended the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, for what it described as the transparent and professional conduct of the 2025 oil and gas licensing round.

The Executive Director of CEPRSD, Dr Cletus Okpe, gave the commendation in a statement on Sunday, saying the emergence of 31 successful companies for 37 oil and gas blocks demonstrated the credibility of the bidding process and growing investor interest in Nigeria’s upstream sector.

According to Okpe, 37 of the 50 blocks offered by the commission attracted bids, while 13 received no bids. He said the assets that attracted interest were spread across established petroleum-producing areas and frontier basins, including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.

He said 143 companies participated in the process, submitting 200 bids for the 37 assets.

“The latest licensing round provides a strong indication of what is possible when the allocation of national petroleum assets is managed through a transparent, structured and competitive process,” Okpe said.

He said the participation demonstrated that investors were willing to commit resources to Nigeria when they had confidence in the regulatory framework and evaluation process.

Okpe also praised the commission’s emphasis on financial discipline, particularly its requirement that successful bidders meet their financial obligations before receiving final awards.

“Financial discipline is critical to the success of any licensing exercise. It is not enough for companies to win blocks; they must demonstrate that they have the capacity and willingness to pay the required signature bonuses, execute their work programmes and move the assets towards production,” he said.

The CEPRSD executive director further commended the application of the “drill or drop” principle, describing it as a mechanism for ensuring accountability among operators and discouraging speculative acquisition of petroleum assets.

He also acknowledged the participation of the Federal Ministry of Petroleum Resources, Federal Ministry of Finance and the Nigeria Extractive Industries Transparency Initiative in monitoring the commercial bid conference.

Okpe said the credibility achieved during the licensing process should be sustained through the post-award stage, urging successful bidders to translate their awards into exploration, development and production.

“What Nigeria needs now is for the credibility achieved during the bidding process to continue through the post-award stage,” he said.

He urged Eyesan and the NUPRC to sustain transparency and regulatory discipline, saying this would help attract credible investment and ensure greater economic value from Nigeria’s petroleum resources.