The Federal Government has announced that 13 of the 50 oil and gas blocks offered under the 2025 Licensing Round failed to attract investors and will be returned to the licensing basket.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday during the 2025 Commercial Bid Conference in Abuja.
According to Eyesan, although 50 oil and gas blocks were put up for bidding, only 37 attracted representations from prospective investors.
“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 back to the basket,” she said.
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Despite the unsold assets, the NUPRC said investor interest remained strong, with 143 companies submitting about 200 bids for the available blocks.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
She revealed that nearly 300 companies initially expressed interest in the licensing round, describing the response as evidence of renewed confidence in Nigeria’s upstream petroleum industry.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
According to her, the number of interested firms was reduced to 196 after the prequalification stage before 143 companies eventually advanced to the commercial bidding phase.
The 2025 Licensing Round was launched on November 11, 2025, under the provisions of the Petroleum Industry Act (PIA) 2021, with 50 oil and gas blocks spread across seven sedimentary basins offered to investors.
The assets include 16 onshore blocks in the Niger Delta, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
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The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to guide prospective investors. Registration and prequalification closed on February 27, with the screening process completed on March 16.
Unlike previous licensing rounds that focused mainly on signature bonuses, the 2025 exercise adopts a weighted evaluation system combining technical capability, proposed work programmes, performance guarantees and financial commitments to ensure assets are awarded to companies with the capacity to develop Nigeria’s oil and gas resources.
