Nigerian key crude oil loadings for export to fall in March, NUPRC lowers entry barriers to attract investors for oil round

Exports of four key Nigerian crude oil grades are scheduled at 793,000 barrels per day in March, preliminary loading programmes seen by Reuters show just as NUPRC lowers entry barriers to attract investors for oil round

At the March level, loadings will be down by around 14% from the 922,000 bpd scheduled to load in February.

The four grades are Qua Iboe, Bonny Light, Bonga and Forcados. Details are given below, with approximate volumes in barrels per day. The totals may not tally because of rounding.

Qua Iboe 184,000 barrels per day in February against 170,000 per day in March. Bonny light which was 282,000 barrel per day in February will load 269, 000 barrel per day in March. Bonga which stood at 61,000 barrel a day in February will have 139,000 barrel per day. Forcados which had export record of 266, 000 barrels a day will however rise to 922,000.

NUPRC however is lowering entry costs to its latest oil licensing round and opening it up to independent oversight to ensure transparency, its oil regulator said, as Africa’s biggest crude producer seeks to boost output and attract new investment.

Nigeria launched its delayed 2025 licensing round last month, offering 50 oil and gas blocks, including 15 onshore, 19 shallow-water assets, 15 frontier basins and one deepwater block. It has signalled the licensing rounds will now be held annually.

The round is central to Nigeria’s plans to raise output to 2.7 million barrels per day by 2027 – from current output of 1.5 million bpd – and boost government revenues, reserves and investment inflows.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reduced the signature bonus or sign-on fee for the round to between $3 million and $7 million, officials said during a presentation to potential investors on Wednesday.

That is down from $10 million in 2024 and way below the roughly $200 million required several years ago.

The NUPRC said the new range was designed to lower entry costs and shift emphasis toward technical capability, credible work programmes, financial strength and swift delivery of production.

Chevron said in December it would participate in the auction and TotalEnergies also expressed interest.

NUPRC head Oritsemeyiwa Eyesan assured investors that the changes for the round, the first she will oversee since her appointment in December, will provide a stable and predictable regulatory environment.

“You are not navigating uncertainty, you are operating with a framework that is transparent, predictable and deliberately designed to inspire confidence,” she said.

To improve transparency, NUPRC said the licensing round would be subject to oversight by its NEITI watchdog – part of the global Extractive Industries Transparency Initiative – and other government agencies.

The regulator added that the licensing process will be fully digital, with investors able to access data and submit bids through an online portal.

It has also introduced incentives for new gas-only developments, deepwater projects and cost-efficiency improvements.

Nigeria, which relies on oil for most of its export earnings, is seeking to revive production after years of underinvestment and security challenges in its oil-rich Niger Delta.