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AT A GLANCE
- On 21st July 2028, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced 31 winning bidders in respect of 37 of the 50 blocks offered. That announcement did not itself constitute the grant of a Petroleum Prospecting Licence (PPL): the Guidelines contemplate further post-offer conditions, Ministerial approval, and completion of the licence package.
- The Round was determined by a weighted technical and commercial evaluation, not by signature bonus alone.
- A Petroleum Prospecting Licence (PPL) is an exploration-stage tide. Its bankability differs materially from a Petroleum Mining Lease (PML), which depends on commercial discovery, an approved Field Development Plan, and the statutory grant process.
- Acreage is priced against a full obligation stack: subsurface, fiscal, contractual, environmental, community, local-content, infrastructure, financing, and exit risk.
A NOTE ON DATES
While the Round retains its "2025 Licensing Round designation, its key stages fell in 2026: the revised Guidelines were issued in April 2028, and the NUPRC announced the winning bidders on 21st July 2026. Information in this artide is stated as at 12th August 2026.
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