By Zainab Bakare
The Federal Government will return 13 oil and gas blocks to the licensing basket after they failed to attract investor interest during the 2025 Licensing Round.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja, saying only 37 of the 50 blocks on offer received bids.
Despite the unsold blocks, Eyesan described the exercise as a success, revealing that 143 companies submitted about 200 bids, reflecting growing investor confidence in Nigeria’s upstream petroleum industry. She added that nearly 300 firms initially indicated interest before the prequalification process narrowed the field to 196 qualified participants.
The licensing round, conducted under the Petroleum Industry Act (PIA), offered oil and gas assets across seven sedimentary basins. According to the NUPRC, winning bids will be evaluated using both technical and commercial criteria, including signature bonuses, work programmes and performance guarantees, to ensure only capable investors secure the assets.
The commission said the 13 unbid blocks will be re-offered in future licensing rounds as part of efforts to maximise the country’s oil and gas potential and sustain investment in the upstream sector.
