NUPRC Reveals Firms Bidding For Nigeria’s 50 Oil Blocks at Oil Auction
- NUPRC has confirmed completion of pre-qualification for 2025 oil licensing round in Nigeria
- Only qualified firms eligible for next phase, ensuring serious investor participation
- Controlled data access aims to boost transparency and investor confidence in the bidding process
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s oil licensing round has entered a decisive phase as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirms the completion of its pre-qualification process for the 2025 bid round.
The development signals a shift from initial screening to full-scale competitive bidding for 50 oil and gas blocks across the country.
Source: Getty Images
In a statement released on Tuesday, March 17, 2026, the commission disclosed that successful applicants have been formally notified after meeting the requirements outlined in the 2025 Licensing Round Guidelines.
The milestone, achieved a day earlier on March 16, marks the end of the first stage of the process.
Only qualified firms move forward
According to the regulator, only companies that passed the pre-qualification stage will proceed to the next phase.
These firms are now eligible to access critical subsurface data needed to prepare their technical and commercial bids, ThisDay reported.
The notice, signed by the Head of Media and Strategic Communication, Eniola Akinkuotu, emphasised that the transition ensures only serious and capable investors remain in contention.
With the screening complete, the commission has opened access to geological and geophysical data starting March 17. However, this access comes with strict conditions designed to maintain credibility and discipline in the bidding process.
Strict data access to ensure transparency
A key feature of the next phase is controlled access to subsurface data. Pre-qualified bidders are required to lease data exclusively from designated sources and provide proof of payment before submitting bids.
This requirement is part of a broader strategy to eliminate speculative participation and ensure that only technically competent and financially committed firms compete for the assets.
By enforcing this rule, the NUPRC aims to boost transparency, standardisation, and investor confidence.
According to a report by Punch, the commission also noted that all stages of the exercise will be conducted digitally through a dedicated portal, further strengthening accountability and efficiency.
Tinubu-backed round targets investment boost
The 2025 oil licensing round was launched in December 2025 following approval by President Bola Tinubu.
It is a key component of the federal government’s strategy to attract fresh investment into Nigeria’s upstream petroleum sector.
A total of 50 oil and gas blocks are on offer, spanning major sedimentary basins including the Niger Delta, Anambra, Bida, Benue Trough, and Chad basins.
The initiative is expected to stimulate exploration activities, increase proven reserves, and support long-term crude oil production growth.
Next Steps: Bidding and final awards
With pre-qualification now complete, attention shifts to the submission of technical and commercial bids. The application window had earlier closed on February 27, 2026, paving the way for this next phase.
Bids submitted by qualified firms will undergo evaluation before final awards are announced.
Source: Getty Images
The NUPRC says the process remains on schedule, reinforcing confidence in the timeline of one of Nigeria’s most closely watched licensing exercises.
For investors, the immediate focus is clear: secure the required data, meet compliance standards, and submit competitive bids in a race that could shape the future of Nigeria’s oil and gas sector.
FG awaits bid for oil blocks, reduces entry rice by $3m
Legit.ng earlier reported that the federal government has reduced the signature bonus for the 2025 oil licensing round from the previously approved $10 million to a new range of $3 million to $7 million.
The move is targeted at lowering entry barriers and attracting fresh investment into Nigeria’s upstream sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the new pricing in an update published on its website, signalling one of the most significant adjustments to investment requirements in recent licensing rounds.
Source: Legit.ng
