The Nigerian Upstream Petroleum Regulatory Commission on Tuesday began the commercial bidding stage of the 2025 oil and gas licensing round, with 143 companies competing for 50 oil blocks across the country’s major and emerging hydrocarbon basins.

The exercise marks a key stage in the licensing process after months of applications, data evaluation and pre-qualification.

The commission said successful bidders will be selected through a transparent commercial bid process designed to attract fresh investment into Nigeria’s upstream petroleum sector.

According to the NUPRC, the 50 blocks are spread across onshore, shallow water and deep offshore areas.

The regulator said the licensing round is expected to support oil production growth, increase government revenue and create jobs in the energy sector.

The commission said only companies that met the technical, financial and legal requirements were cleared to participate in the commercial phase.

It said the bidding process would be conducted under clear rules to ensure fairness and accountability.

“The commercial bid conference is a critical milestone in the 2025 licensing round,” the commission said.

It added, “The process is designed to ensure transparency, competitiveness and value maximisation for the Nigerian people.”

The licensing round is one of the Federal Government’s efforts to revive investment in the country’s oil and gas industry following years of declining production and reduced capital inflows.

Earlier this year, the NUPRC disclosed that nearly 300 local and international firms had shown interest in the 50 oil blocks before the screening process narrowed the field to 143 qualified bidders for the commercial stage.