Nearly 150 companies on Tuesday began the commercial bidding process for Nigeria’s oil and gas assets at the Commercial Bid Conference organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
Among the companies participating in the exercise are Accrete Exploration and Production Company Limited, Danem Oilfield and Energy Limited, Energia Limited, Faceato Petroleum Development Company Limited, Gifait International Limited, GMT Energy Resources Limited, Jenkinstown Resources Limited, MAG Energy Limited, Sonic Petroleum Limited, Technical Integrated Global Services Limited, and Helbherg International Limited.
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More companies are expected to participate as the rigorous commercial bid process continues.
On Monday, the NUPRC announced that only prequalified companies would be allowed to participate in the commercial bid conference held at the Transcorp Hilton Hotel, Abuja.
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The commission stated that the 2025 licensing round covers 50 oil and gas blocks across different geological terrains, including 16 onshore blocks in the Niger Delta, 18 shallow water blocks, one deep offshore block, three onshore blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin, and four in the Benue Trough.
During her opening remarks, the NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed that 196 companies qualified for the commercial bidding stage, while 13 of the 50 blocks failed to attract bids and would be returned to the government’s licensing basket.
She noted that only 37 of the 50 blocks attracted bids during the technical evaluation stage, with 140 companies submitting 196 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 to the basket. We have a total of 140 participating companies showing interest through 196 bids,” she said.
Mrs Eyesan described the level of participation as a strong vote of confidence in Nigeria’s upstream petroleum industry, noting that the licensing round attracted indigenous operators, international companies, new entrants, and existing players.
“To reinforce trust, the commencement of this licensing round attracted interest from around 300 companies across 50 available assets. After the prequalification process, 196 applicants were deemed eligible to advance to the bidding stage. By the submission deadline, 143 companies had submitted 200 technical and commercial bids covering 37 assets.”
Among dignitaries attending the conference are the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, alongside senior government officials and industry stakeholders.
Follow PREMIUM TIMES for more updates on the process as it unfolds.
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