… $10bn at stake as licensing round targets 2bn barrels, 400,000bpd oil, gas investment
A total of 143 companies that successfully scaled the Nigerian Upstream Petroleum Regulatory Commission,NUPRC’s rigorous and transparent qualification process are set to participate in Tuesday’s Commercial Bid Conference, where they will compete for 50 oil and gas blocks across diverse terrains.
Eniola Akinkuotu, NUPRC Head, Media and Corporate Communications made it known in a statement released on Monday.
He emphasised that the companies are expected to physically attend the Commercial Bid Conference taking place at the Conference Centre, Transcorp Hilton Hotel, Abuja.
The NUPRC’s spokesman disclosed that the 50 oil and gas blocks are distributed across key basins, including Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4) and Benue Trough (4).
According to him, in line with established guidelines, bid parameters will be assessed based on signature bonus, work programme commitments and performance security, culminating in a weighted technical and commercial score that will determine the winning bids.
He further noted that the 2025 Licensing Round was first announced on November 11, 2025, and widely advertised in compliance with the Petroleum Industry Act, 2021.
Akinkuotu said, “The bid portal was subsequently launched on December 1, 2025, for registration, followed by a Pre-Bid Conference on January 14, 2026, at Eko Hotels and Suites, Lagos, which provided stakeholders with clarity on the exercise guidelines.
“The registration and submission for prequalification closed on February 27, 2026, with the evaluation stage concluded on March 16, 2026.
“A total of 286 companies submitted prequalification applications, out of which 196 were successfully prequalified for the technical and commercial bidding phase,” Akinkuotu said.
He further explained that the 143 companies went on to submit a total of 200 bids.
Advisors Reports gathered that the bids are evaluated using a score-based system that takes into account key parameters such as signature bonus, work programme commitments (including green story and unit cost per barrel), professional, financial and technical capacity, percentage of bank guarantee provided, and the robustness of corporate governance structures.
The Licensing Round is projected to add about 2 billion barrels to Nigeria’s reserves over the next decade, with potential production of 400,000 barrels per day, while also creating opportunities for gas development and gas utilization, at full development and an estimated $10 billion in new investments.
