FG Hunts Investors After 13 Frontier Oil Blocks Go Unclaimed

Four years after announcing a one-billion-barrel find and a $3 billion development plan, thirteen oil blocks across the Chad, Benue and Niger Delta basins failed to attract any bids in the 2025 licensing round. Regulators say these blocks will be returned to the licensing basket. Industry experts and stakeholders fault undersized acreages, poor seismic data and hefty signature bonuses for deterring investors. They warn that political considerations have outweighed commercial realities in partitioning these frontier blocks. NNPC has remained silent on the proposed Kolmani refinery, fertiliser plant and gas projects in the Gongola basin. Observers argue that without better geological data, infrastructure and incentives, private capital will focus on proven, near-producing fields instead of speculative inland acreages.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.