By our Reporter
The Federal Government has disclosed 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 bids.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said while 50 blocks were initially put up for bid, 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 also disclosed that 143 companies submitted about 200 bids for the available assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan said.
According to her, almost 300 companies initially expressed interest in the licensing round, reflecting renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 after the prequalification stage before advancing to the technical and commercial evaluation stages.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
According to Eyesan, 143 companies eventually participated in the commercial bid process, submitting about 200 bids.
