More than a dozen oil and gas blocks offered in Nigeria’s latest licensing round failed to attract any bids from investors, energy regulators have revealed.
Speaking at a commercial bid conference in Abuja on Tuesday, Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed that 13 of the 50 assets put up for auction will be returned to the licensing basket.
Out of the 50 blocks made available, prospective investors submitted bids for 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks,” Ms Eyesan said. “Thirteen of those blocks will be returning back to the basket.”
Investor confidence tested
Despite the unsold assets, regulatory officials insisted that overall interest in the country’s energy sector remains strong.
According to NUPRC figures, nearly 300 firms initially submitted expressions of interest when the licensing round was launched in late 2025:
- Initial Interest: Almost 300 companies registered when the bid portal opened.
- Prequalification: The list was narrowed down to 196 firms following initial screening.
- Final Bids: A total of 143 companies ultimately submitted roughly 200 commercial bids for the 37 available blocks.
Ms Eyesan described the overall turnout as a sign that “the tide has turned” for Nigeria’s upstream petroleum sector, which has faced chronic underinvestment and operational challenges in recent years.
Strict criteria for winning bids
The assets on offer span seven sedimentary basins across the country, ranging from deep offshore and shallow-water sites to inland basins in the Chad and Benue regions.
Regulators emphasized that winning bids will not be awarded solely to the highest financial bidder.
Instead, allocations will be determined by a weighted scoring system that evaluates a company’s technical expertise, proposed work plans, and financial backing, as well as signature bonus commitments.
The framework aims to ensure that licenses are granted to operators with the immediate capacity to boost production and accelerate exploration across Nigeria’s energy reserves.
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