JUST IN: Nigeria returns 13 oil blocks after 196 firms qualify for commercial bid

Nigeria's 2025 oil licensing round has seen 196 companies qualify for the commercial bid stage, with 13 of the 50 offered oil blocks failing to attract interest. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the figures at a conference in Abuja.

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At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning to the basket. We have a total of 140 participating companies showing interest through 196 bids.

Eyesan stated that only 37 blocks received bids, attracting 140 companies submitting 196 bids in total. The licensing round drew a diverse range of participants, including indigenous and international companies, which she described as a strong vote of confidence in Nigeria's upstream petroleum sector. "To reinforce trust, the commencement of this licensing round attracted interest from around 300 companies across 50 available assets," she noted.

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To reinforce trust, the commencement of this licensing round attracted interest from around 300 companies across 50 available assets. After the prequalification process, 196 applicants were deemed eligible to advance to the bidding stage. By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.

The NUPRC chief executive highlighted that the process adhered to clearly defined guidelines, with transparent evaluation criteria. Representatives from the Nigeria Extractive Industries Transparency Initiative (NEITI) observed the bid opening and technical evaluation to ensure credibility. Eyesan stressed that the commission prioritized technical capability and operational experience over aggressive financial offers, seeking bidders who could deliver long-term value and execute projects within proposed timelines.

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The evaluation was rigorous. It was objective. It was simple. And it was to place assets in the hands of bidders capable of delivering the best overall long-term value.

The 2025 licensing round, which began in December, aims to award oil and gas exploration and production rights. The NUPRC's approach signals a strategic focus on ensuring that awarded blocks are managed by entities with the proven capacity to develop them effectively.

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It wasn’t, and it isn’t, going to be just about your ability to be the highest bidder. We want to ensure that you have the right capabilities to deliver the asset, in addition to having the financial resources.