FG returns 13 oil blocks to the licensing basket after they failed to attract bids during the 2025 licensing round.
The Federal Government will return 13 oil and gas blocks to its licensing basket after they failed to attract investors in the 2025 Licensing Round. The announcement came during the 2025 Commercial Bid Conference in Abuja. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said only 37 of the 50 blocks received bids.
“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.
Even with the unsold blocks, the exercise recorded strong investor participation. Eyesan revealed 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,” she said.
She also noted that almost 300 companies first showed interest in the exercise. According to her, this points to growing confidence in Nigeria’s upstream oil industry.
“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 added.
The number of interested firms reduced during the screening process. After prequalification, only 196 companies moved to the next stage. Finally, 143 companies reached the commercial bidding phase. The 2025 Licensing Round was launched on November 11, 2025, under the Petroleum Industry Act 2021. It offered 50 oil and gas blocks across seven sedimentary basins. These include assets in the Niger Delta, shallow waters, deep offshore, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough.
Meanwhile, the government will select winners through a weighted evaluation process. Officials will assess signature bonus commitments, proposed work programmes and performance security. Financial offers alone will not determine the winners. Instead, the process will reward companies with strong technical skills, financial capacity and proven operational experience. The goal is to boost oil exploration, increase production and attract long-term investment into Nigeria’s upstream petroleum sector.
