Despite attracting nearly 300 interested companies, the Federal Government says 13 oil and gas blocks failed to receive bids and will be returned to the licensing basket.
The Federal Government has announced that 13 of the 50 oil and gas blocks offered under the 2025 Licensing Round will be returned to the licensing basket after failing to attract investor bids.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday during the 2025 Commercial Bid Conference in Abuja.
According to Eyesan, while 50 petroleum assets were put up for bid across seven sedimentary basins, only 37 received representations from prospective 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,” she said.
She revealed that 143 companies participated in the commercial bid process, submitting approximately 200 bids for the available assets.
Eyesan described the turnout as a significant milestone, noting that nearly 300 companies initially expressed interest in the licensing round, a development she said reflects renewed confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she stated.
The NUPRC boss explained that the number of interested firms was reduced to 196 after the prequalification stage before advancing to technical and commercial evaluations.
The 2025 Licensing Round, announced on November 11, 2025, under the Petroleum Industry Act (PIA) 2021, featured 50 oil and gas blocks, including assets in the Niger Delta, Benin Basin, Anambra Basin, Chad Basin and Benue Trough.
Winning bids are being determined through a weighted assessment of signature bonus commitments, proposed work programmes and performance security, a framework designed to ensure that only financially capable and technically competent investors secure the assets.
The Federal Government says the licensing exercise remains a key strategy for boosting exploration activities, increasing crude oil production and attracting fresh investments into Nigeria’s upstream oil and gas industry.