FG Reopens 13 Unbid Oil Blocks as 143 Firms Submit 200 Bids

The Federal Government has returned 13 oil and gas blocks to the licensing pool after the assets failed to attract bids during the 2025 Licensing Round.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.

Eyesan said the government had initially offered 50 oil and gas blocks to prospective investors but received bids for only 37 of the assets.

She explained that the 13 blocks that attracted no bids would consequently be returned to the pool for possible future consideration by 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,” Eyesan said.

Despite the lack of interest in the 13 blocks, the NUPRC chief said the overall response to the licensing round demonstrated significant investor appetite for opportunities in Nigeria's upstream petroleum industry.

According to her, 143 companies eventually participated in the commercial bidding process, submitting about 200 bids for the available assets.

“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” she said.

Eyesan also revealed that almost 300 companies initially expressed interest when the licensing round opened, which she described as a positive indication of renewed confidence in Nigeria's upstream sector.

“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.

However, the number of prospective investors was significantly reduced during the screening process.

Eyesan said the number of interested companies fell to 196 after the prequalification stage, before qualified participants proceeded to the technical and commercial evaluation phases.

“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.

Of those that made it through the process, 143 companies eventually participated in the commercial bid stage, collectively submitting about 200 bids for the oil and gas assets.

The 2025 Licensing Round was formally announced on November 11, 2025, under the framework of the Petroleum Industry Act 2021.

The exercise featured 50 oil and gas blocks spread across seven sedimentary basins, comprising 16 Niger Delta onshore blocks, 18 shallow-water blocks and one deep offshore block.

The offering also included three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.

The licensing process was subsequently opened to prospective investors, with the bid portal becoming operational on December 1, 2025.

A pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with further guidance on the requirements and procedures governing the exercise.

Registration and prequalification submissions closed on February 27, 2026, while the prequalification process was completed on March 16.

The latest stage of the process focuses on the commercial bids submitted by successful participants, with the eventual winners to be determined through a weighted assessment that combines technical and commercial considerations.

The evaluation framework takes into account factors including signature bonus commitments, proposed work programmes and performance security.

The process is therefore not based solely on the highest financial offer, with the regulatory framework designed to identify investors that possess the financial capacity, technical expertise and operational strength required to develop the assets effectively.

The reopening of the 13 unbid blocks provides another opportunity for the Federal Government to attract investment into assets that failed to secure investor interest during the latest licensing exercise.

It also comes at a time when Nigeria is seeking to increase upstream investment, boost crude oil production and improve the country's ability to fully harness its petroleum resources.

For the NUPRC, the participation of 143 companies and the submission of about 200 bids represent a significant level of interest in the country's upstream sector, even as the commission prepares to determine successful bidders and consider the future of the 13 blocks that attracted no bids.