Four years after the Federal Government announced a major oil discovery at Kolmani and pledged over $3 billion in investments, 13 oil blocks across the Chad Basin, Benue, Benin and Niger-Delta have failed to attract investors during the 2025 Licensing Round. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said only 37 of the 50 blocks offered received bids, while the remaining 13 would be returned to the licensing pool. Although the regulator described the exercise as successful, industry experts said investors deliberately avoided high-risk frontier basins in favour of producing…
Read MoreFG seeks fresh investors for Northern oil exploration, as 13 frontier blocks get no bids
