Nigeria's drive to attract fresh investment into its upstream petroleum industry is reaching a decisive stage as 143 companies prepare to compete for 50 oil and gas blocks under the 2025 Licensing Round.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will host the invitation-only Commercial Bid Conference on Tuesday, July 21, 2026, at the Conference Centre of the Transcorp Hilton Hotel in Abuja. The event brings together companies that successfully advanced through the commission's prequalification process.
The licensing round is expected to support the government's efforts to increase crude oil and natural gas production, attract new upstream investment, strengthen energy security, boost government revenue and provide feedstock for Nigeria's expanding domestic refining industry.
Investor interest has remained strong throughout the process. Of the 286 companies that applied for prequalification, 196 advanced to the technical and commercial bidding stage. From that group, 143 companies submitted a total of 200 bids for the 50 available blocks, indicating that several firms are bidding for multiple assets.
The blocks are spread across both established and frontier basins. They include 16 in the Niger Delta Onshore, 18 in the Niger Delta Shallow Water, one in the Niger Delta Deep Offshore, three in the Benin Basin Onshore, four in the Anambra Basin Onshore, four in the Chad Basin Onshore and four in the Benue Trough.
According to NUPRC's Head of Media and Corporate Communications, Eniola Akinkuotu, all qualified companies have been formally invited to attend the commercial bid conference.
Winning bids will be determined through a weighted technical and commercial evaluation based on signature bonus commitments, work programme commitments and performance security commitments.
The licensing exercise began on November 11, 2025, following the announcement of the 2025 Licensing Round under the Petroleum Industry Act, 2021. The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, at Eko Hotels and Suites in Lagos to guide prospective bidders through the process.
Applications closed on February 27, 2026, and the prequalification exercise was completed on March 16, 2026, paving the way for the commercial bidding stage.
The exercise comes as Nigeria continues reforms aimed at creating a more predictable investment environment after years of challenges, including regulatory uncertainty, insecurity, ageing infrastructure, project delays and high operating costs in the upstream sector.
As the commercial bid conference begins, the outcome will be closely watched as another step toward unlocking new exploration opportunities, increasing production and creating greater economic value from Nigeria's petroleum resources.
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