FG Opens Bids as 143 Companies Compete for 50 Oil, Gas Blocks
- NUPRC has kicked off the commercial bid phase of its 2025 Oil and Gas Licensing Round on Tuesday, July 21, 2026, at Transcorp Hilton Hotel in Abuja
- 143 qualified companies submitted 200 bids for 50 oil and gas blocks spread across Nigeria's producing and frontier basins
- Winners will be selected based on a weighted score combining signature bonuses, work programme commitments, and performance security
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) opened its commercial bid conference on Tuesday, July 21, 2026, bringing 143 companies into direct competition for 50 oil and gas blocks on offer under the 2025 Oil and Gas Licensing Round.
The event held at the Conference Centre of Transcorp Hilton Hotel in Abuja and was open only to companies that received formal invitations after clearing a rigorous prequalification exercise.
Source: Getty Images
143 Firms Battle for 50 Oil Blocks
NUPRC's Head of Media and Corporate Communications, Eniola Akinkuotu, said in a statement that all qualifying firms had been formally notified ahead of the conference.
The NUPRC has invited qualified companies to the highly anticipated Commercial Bid Conference slated for July 21, 2026.
These companies, which scaled through the transparent and rigorous process, have been notified and are expected to physically attend the Commercial Bid Conference taking place at the Conference Centre, Transcorp Hilton Hotel, Abuja. Attendance is strictly by invitation.
The 50 blocks on offer span several basins across the country: 16 onshore blocks in the Niger Delta, 18 Niger Delta shallow water blocks, one Niger Delta 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.
NUPRC said 286 companies initially applied for prequalification. Of those, 196 progressed to the technical and commercial bidding stage, and 143 ultimately submitted bids, Punch reports.
The 143 firms filed a combined 200 bids for the 50 blocks, meaning several companies are pursuing more than one asset simultaneously.
How NUPRC Will Pick Winners
The commission said successful bidders will be determined through a weighted scoring system that draws on both technical and commercial criteria. Evaluators will consider proposed signature bonuses, the scale of work programme commitments, and performance security arrangements when computing each company's final score.
The licensing round has been under way since November 11, 2025, when NUPRC formally announced the bid round.
Source: Getty Images
The bid portal went live on December 1, 2025, and a pre-bid conference followed on January 14, 2026, at Eko Hotels and Suites in Lagos, where prospective investors were briefed on guidelines and evaluation procedures, BusinessDay reports.
Prequalification document submissions closed on February 27, 2026, and the prequalification results were released on March 16.
The commission said the exercise is part of a broader federal government push to draw fresh investment into Nigeria's upstream oil and gas sector, widen exploration across frontier basins, grow crude oil and gas output, raise government revenue, and build out domestic refining capacity.
NNPC raises may crude oil prices by $7 per barrel
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has increased the official selling prices (OSPs) of its crude oil grades for May-loading cargoes by as much as $7 per barrel, while also raising petrol pump prices across key cities, including Lagos and Abuja.
The latest adjustment comes as global crude oil markets react sharply to rising geopolitical tensions between the United States and Iran, pushing international oil benchmarks to fresh highs and creating new pressure across Nigeria’s downstream petroleum sector.
Source: Legit.ng
