143 Firms Vie for 50 Oil and Gas Blocks in Nigeria's Final Bidding Stage

Nigeria's upstream petroleum sector is buzzing with activity as 143 companies have successfully progressed to the final commercial bidding stage of the 2025 Licensing Round. These firms will compete for 50 oil and gas blocks strategically located across the nation's key hydrocarbon basins.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the Commercial Bid Conference, scheduled for today, will be held at the Transcorp Hilton Hotel in Abuja. Participation is strictly by invitation, reserved only for companies that have navigated a rigorous screening and prequalification process. The 50 blocks on offer include 16 from the Niger Delta Onshore, 18 from the Niger Delta Shallow Water, one from the Niger Delta Deep Offshore, three from the Benin Basin Onshore, four from the Anambra Basin Onshore, four from the Chad Basin Onshore, and four from the Benue Trough.

Bids will be assessed based on a combination of commercial and technical parameters, including signature bonuses, work program commitments, and performance security. The ultimate winners will be determined by their overall weighted technical and commercial scores. The 2025 Licensing Round, initiated on November 11, 2025, in line with the Petroleum Industry Act (PIA) 2021, saw its bid portal open on December 1, 2025. A pre-bid conference was held on January 14, 2026, in Lagos to guide prospective bidders.

Initially, 286 companies applied for prequalification, with 196 meeting the requirements. Of these, 143 submitted a total of 200 bids, earning them a spot in the final conference. This licensing round is a crucial part of Nigeria's strategy to attract investment, enhance exploration activities, and fully exploit its substantial hydrocarbon reserves, as mandated by the PIA.