The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced the commercial bidding phase of its 2025 oil and gas licensing round, with 143 companies competing for 50 oil and gas blocks across the country.

The invitation-only commercial bid conference is being held in Abuja and represents a major milestone in the licensing exercise, which was launched in November 2025 to attract fresh investment into Nigeria’s upstream petroleum industry.

According to the commission, the available assets include 16 onshore blocks in the Niger Delta, 18 shallow water blocks, one 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 successful bidders will be selected using a weighted evaluation system that considers signature bonuses, work programme commitments and performance guarantees, alongside technical and commercial capabilities.

The licensing round has drawn strong investor interest. Of the 286 companies that initially applied for prequalification, 196 met the eligibility requirements. A total of 143 firms subsequently submitted 200 bids, with several companies bidding for multiple assets.

The commission said the exercise is designed to promote transparency while attracting competent investors capable of developing Nigeria’s oil and gas resources.

The bid round forms part of the Federal Government’s efforts to increase crude oil and gas production, encourage exploration in both established and frontier basins, boost government revenue and ensure adequate feedstock for the country’s growing refining sector.

Industry stakeholders are expected to closely monitor the outcome of the commercial bidding process, which is seen as a key test of Nigeria’s ongoing reforms under the Petroleum Industry Act and its drive to strengthen investor confidence in the upstream sector.