50 Oil Blocks Up for Grabs as NUPRC Shortlists 143 Companies for Final Bid Showdown
- NUPRC is holding the commercial bid conference, where qualified companies will compete for 50 oil and gas blocks across Nigeria
- A total of 143 companies submitted 200 bids after passing the prequalification and technical stages of the exercise
- The winning bidders will be selected through a transparent evaluation process based on commercial offers and technical scores
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to advance its 2025 Licensing Round with the commercial bid conference scheduled for Tuesday, July 21, 2026, where qualified investors will compete for 50 oil and gas blocks across the country.
The event, which will be held at the Conference Centre of Transcorp Hilton Hotel in Abuja, is restricted to companies that successfully scaled the technical and prequalification stages of the licensing process. According to the commission, attendance is strictly by invitation.
Source: UGC
50 oil and gas blocks up for grabs
The commercial bid conference represents the final competitive stage before the allocation of petroleum assets located in both producing and frontier basins.
The 50 blocks available include 16 onshore assets in the Niger Delta, 18 shallow-water blocks in the same region, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and another four in the Benue Trough.
NUPRC said the successful bidders will emerge through a transparent assessment process that combines technical competence with commercial strength.
The commission explained that bids will be evaluated using key commercial indicators, including the signature bonus offered, proposed work programme commitments and the level of performance security provided. Final winners will be determined based on a weighted technical and commercial scoring system.
Over 140 firms reach final bidding stage
The licensing exercise is being conducted under the Petroleum Industry Act (PIA) 2021, which mandates an open, transparent and competitive process for awarding petroleum exploration and production assets.
NUPRC launched the 2025 Licensing Round on November 11, 2025, before opening its online bid portal on December 1, allowing interested companies to register and participate in the process.
The commission revealed that 286 companies initially applied for prequalification. After the screening exercise, 196 firms qualified to proceed to the technical and commercial stages.
Of those prequalified companies, 143 eventually submitted 200 bids for the 50 oil and gas blocks now on offer.
Source: UGC
Commercial bids to determine winners
With the commercial bid conference, NUPRC will open and assess the financial offers submitted by the qualified companies to determine the successful investors.
The exercise is expected to conclude one of Nigeria's most significant upstream licensing rounds in recent years, as the government seeks to attract fresh investment into the country's oil and gas sector while ensuring that the allocation process complies with the transparency and competitiveness requirements of the Petroleum Industry Act.
Source: Legit.ng
