The Nigerian Upstream Petroleum Regulatory Commission will on Tuesday open the decisive commercial phase of the 2025 oil and gas licensing round with 143 companies set to compete for 50 blocks spread across Nigeria’s major and emerging hydrocarbon basins.

The commercial bid conference, which is strictly by invitation, is scheduled to hold at the Conference Centre of the Transcorp Hilton Hotel, Abuja.

The development marks the latest stage in a licensing process that began in November 2025 and has attracted significant interest from companies seeking access to Nigeria’s upstream petroleum assets.

In a statement issued on Monday, the Head of Media and Corporate Communications of the NUPRC, Eniola Akinkuotu, said companies that successfully scaled the prequalification process had been notified and invited to physically attend the commercial bid conference.

According to the commission, the 50 blocks on offer cover a wide range of geological terrains and include 16 blocks in the Niger Delta Onshore, 18 in the Niger Delta Shallow Water and one in the Niger Delta Deep Offshore.

The assets also include three blocks in the Benin Basin Onshore, four in the Anambra Basin Onshore, four in the Chad Basin Onshore and four in the Benue Trough.

The statement read, “The Nigerian Upstream Petroleum Regulatory Commission 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 Center, Transcorp Hilton Hotel, Abuja. Attendance is strictly by invitation. On offer are 50 oil and gas blocks across diverse terrains. The Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4) and Benue Trough (4).

“In line with the guidelines, the elements of bid parameters include: the signature bonus, the work programme commitment and commitment to performance security culminating in a weighted technical and commercial score which will determine a winning bid.”

The spread of the blocks reflects the Federal Government’s effort to attract investment beyond the traditional Niger Delta producing areas and stimulate exploration in frontier basins with significant hydrocarbon potential.

The commercial bids wi’l be assessed using key parameters, including signature bonus, work programme commitments and commitment to performance security.

The parameters will be combined into a weighted technical and commercial score that will determine the successful bidders.

The commission said the companies invited to the conference had emerged from a transparent and rigorous prequalification process.

The 2025 Licensing Round was first announced on November 11, 2025, in line with the provisions of the Petroleum Industry Act, 2021.

The bid portal was subsequently launched on December 1, 2025, to enable interested companies to register and participate in the process.

A pre-bid conference was held on January 14, 2026, at Eko Hotels and Suites, Lagos, to explain the guidelines and procedures to registered bidders and other interested stakeholders.

The registration and submission of documents for prequalification closed on February 27, 2026, while the prequalification stage was completed on March 16, 2026.

A total of 286 companies submitted applications for prequalification.

Following the evaluation process, 196 companies were prequalified to proceed to the technical and commercial bidding phase.

The commission said 143 of the prequalified companies subsequently submitted a total of 200 bids for the available assets.

These 143 companies are now expected to participate in the commercial bid conference on Tuesday.

The number of bids submitted indicates that some companies are competing for more than one block, further underscoring the level of interest generated by the licensing round.

The commercial bid conference is expected to provide the commission with an opportunity to formally evaluate and compare the financial and operational commitments of the qualified bidders.

The process is also expected to test the seriousness of investors by placing emphasis not only on the amount offered as signature bonus but also on the work programmes and financial guarantees required to develop the assets.

The 2025 bid round Is taking place against the backdrop of the Federal Government’s efforts to increase crude oil and gas production, attract fresh investment into the upstream sector and unlock previously underdeveloped petroleum assets.

Nigeria has struggled for years to attract sufficient investment into exploration and production due to concerns over regulatory uncertainty, insecurity, ageing infrastructure, project delays and the high cost of operating in the upstream sector.

The NUPRC has, however, said recent reforms under the Petroleum Industry Act and improvements in the regulatory environment are aimed at creating a more predictable framework for investors.

The licensing round also comes as the commission seeks to increase production to support government revenue, strengthen energy security and provide the feedstock required by Nigeria’s expanding domestic refining industry.

The successful conclusion of the commercial bidding phase will therefore be closely watched by investors and industry stakeholders as a key test of the country’s ability to convert its petroleum resources into new exploration activity, production and economic value.

The commission’s invitation to 143 companies for the commercial bid conference represents the latest milestone in a process that began with 286 applications and has now narrowed the competition to the companies that submitted 200 bids for the 50 blocks on offer.

Following the commercial bid conference and the completion of the subsequent stages of the process, successful bidders are expected to emerge in line with the applicable rules and evaluation criteria for the 2025 Licensing Round. (The PUNCH)

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