The Federal Government will on Tuesday commence the commercial bidding phase of its much-publicised 2025 Oil and Gas Licensing Round, with 143 prequalified companies set to compete for exploration and production rights over 50 petroleum blocks spread across Nigeria’s major hydrocarbon basins.

The exercise, coordinated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), represents a critical stage in the country’s efforts to attract fresh investment into the upstream petroleum sector, expand exploration activities and boost crude oil and gas production.

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However, only bidders that satisfy the commission’s stringent commercial and technical requirements—including strong financial capacity, proven industry expertise and firm commitments to field development programmes—are expected to emerge successful.

In a statement issued on Monday, barely 24 hours before the exercise, the NUPRC announced that it had invited qualified companies to attend the Commercial Bid Conference scheduled for Tuesday, July 21, 2026, at the Conference Centre of the Transcorp Hilton Hotel, Abuja.

The commission said invitations had already been sent to companies that successfully passed its transparent and rigorous prequalification process, noting that attendance at the event would be strictly by invitation.

At stake are 50 oil and gas blocks located across several producing and frontier basins. The acreage includes 16 Niger Delta Onshore blocks, 18 Niger Delta Shallow Water blocks, one Niger Delta Deep Offshore block, three Benin Basin Onshore blocks, four Anambra Basin Onshore blocks, four Chad Basin Onshore blocks and four Benue Trough blocks.

According to the commission, winners will be determined through a weighted evaluation process that combines both technical and commercial considerations.

The bid parameters include the signature bonus, work programme commitments, and commitment to performance security, with the cumulative scores forming the basis for selecting the successful bidders.

The NUPRC noted that the licensing exercise has been conducted in line with the provisions of the Petroleum Industry Act (PIA), 2021, which prescribes transparent and competitive procedures for the allocation of petroleum assets.

The 2025 Licensing Round was officially announced on November 11, 2025, and subsequently advertised nationwide to attract both indigenous and international investors.

Registration for interested companies commenced on December 1, 2025, following the launch of the bid portal, while a Pre-Bid Conference was held on January 14, 2026, at Eko Hotels and Suites, Lagos, to provide prospective investors and stakeholders with detailed guidance on the bidding process and applicable regulations.

Submission of prequalification documents closed on February 27, 2026, with the evaluation process concluding on March 16, 2026.

The commission disclosed that 286 companies initially applied for prequalification. Following the evaluation, 196 companies met the required standards and qualified for the technical and commercial bid stage.

Out of the prequalified firms, 143 companies subsequently submitted a total of 200 commercial bids and are expected to participate in Tuesday’s Commercial Bid Conference in Abuja.

The conference is one of the final stages of the licensing round and is expected to pave the way for the emergence of preferred bidders for the 50 petroleum blocks, as the government intensifies efforts to unlock new investments, increase hydrocarbon reserves and enhance Nigeria’s long-term energy security.

The announcement was contained in a statement signed by the Head of Media and Corporate Communications of the NUPRC, Eniola Akinkuotu, on July 20, 2026.