143 Firms Compete for 50 Oil Blocks in Nigeria Today

Today, 143 companies are participating in a commercial bid conference for 50 oil blocks across Nigeria's major hydrocarbon basins, organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This conference is part of the licensing round that began in November 2025, aimed at attracting significant interest from companies seeking access to Nigeria's upstream petroleum assets.

The conference will take place at the Transcorp Hilton Hotel in Abuja, with companies that successfully scaled the prequalification process invited to attend. The 50 blocks offered include 16 onshore in the Niger Delta, 18 in shallow water, and 3 in the Benin Basin, among others.

The bidding process will assess various parameters, including signature bonuses and work program commitments, to determine successful bidders. The NUPRC emphasizes the importance of serious investor engagement, aiming to stimulate exploration in frontier basins and increase crude oil production in Nigeria.