The Federal Government has returned 13 oil and gas blocks to its licensing basket after they failed to attract bids during the 2025 Licensing Round, highlighting the uneven investor appetite for Nigeria’s upstream petroleum assets despite renewed interest in the sector.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
According to Eyesan, only 37 of the 50 oil and gas blocks offered in the licensing exercise received bids from prospective investors, leaving 13 assets without any commercial interest.
“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.
The decision to return the unclaimed blocks means the Federal Government will have to repackage or re-offer the assets in future licensing rounds, a development that underscores the reality that not all Nigerian oil fields are currently attractive to investors amid changing global energy dynamics, commercial risks and investment considerations.
Despite the 13 unbid blocks, the NUPRC described the licensing round as a success, revealing 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.
She noted that the licensing process began with interest from nearly 300 companies, which she described as evidence of growing confidence in Nigeria’s upstream petroleum industry following ongoing regulatory reforms.
“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 stated.
Eyesan explained that the initial expressions of interest were subjected to a rigorous prequalification process, reducing the number of participating firms to 196 before the technical and commercial bid 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.
The eventual participation of 143 companies, which submitted approximately 200 commercial bids, reflects sustained investor confidence in Nigeria’s oil and gas sector. However, the inability of 13 blocks to secure any bid suggests that certain assets may require improved fiscal incentives, additional geological data or more favourable investment conditions before they can attract commercial interest.
The returned blocks will remain in the Federal Government’s licensing inventory and are expected to be re-offered in future bid rounds after further evaluation.
