NUPRC's second licensing round under the Petroleum Industry Act opens 1 December 2025, offering petroleum prospecting licences and mining leases through a competitive, two stage bid process. Parsons' briefing walks through the pre qualification and bidding requirements, the parameters used to determine winners (from signature bonus to work programme commitments), and key considerations for international investors, including the requirement to incorporate a Nigerian company, the Minister's discretion to withhold a licence from a winning bidder, and the substantial financial thresholds bidders must meet, urging both local and foreign investors to consider collaboration to satisfy technical and financial capacity requirements.