13 Oil Blocks Return to FG After Failing to Attract Investors

The Federal Government has announced that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after they failed to attract bids.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, disclosed this at the 2025 Commercial Bid Conference in Abuja, saying only 37 blocks received bids from prospective investors.

Eyesan revealed that 143 companies submitted about 200 bids, after nearly 300 firms initially expressed interest before the prequalification process reduced the number to 196.

She said the high level of participation reflects growing investor confidence in Nigeria's upstream oil and gas industry.

According to Eyesan, the licensing process is designed to attract investors with the financial capacity and technical expertise needed to boost oil exploration and production.

She added that winning bidders will be determined through a combined assessment of technical and commercial proposals, rather than financial offers alone.