Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that federal government has approved a new signature bonus range of $3 million to $7 million for companies taking part in the 2025 petroleum licensing round.
Gatekeepers News reports that in a statement released on Monday, the commission warned that any bidder who submits an amount outside the approved range will be removed from the process.
The statement reads, “The Nigerian government has graciously reduced the signature bonus to between $3 million and $7 million.”
NUPRC added that all participants are expected to present offers within a range of $3 million and $7 million as approved by the Minister of Petroleum for the reduction of entry barriers.
The commission said applications will be graded through a point-based system. It explained that the evaluation will consider the signature bonus (as long as it meets the set limit), the proposed work programme, and the estimated unit cost per barrel for carrying out the programme.
Other factors to be reviewed include technical and human capacity, professionalism, bank guarantees, financial strength, annual turnover, corporate governance structure, and plans for decarbonisation and sustainability.
NUPRC had earlier announced the launch of the 2025 licensing round on December 1, noting that the exercise aims to attract about $10 billion in fresh investments.
