The Nigerian Upstream Petroleum Regulatory Commission will on Tuesday commence the decisive commercial phase of the 2025 oil and gas licensing round, with 143 companies competing for 50 blocks across Nigeria’s major and emerging hydrocarbon basins.

The invitation-only commercial bid conference is scheduled to take place at the Conference Centre of the Transcorp Hilton Hotel in Abuja.

The event represents the latest stage of a licensing process that began in November 2025 and has attracted significant interest from companies seeking access to Nigeria’s upstream petroleum assets.

In a statement issued on Monday, the Head of Media and Corporate Communications of the NUPRC, Eniola Akinkuotu, said companies that successfully completed the prequalification process had been notified and invited to attend the commercial bid conference physically.

The commission said the 50 blocks on offer span diverse geological terrains, comprising 16 blocks in the Niger Delta Onshore, 18 in the Niger Delta Shallow Water and one in the Niger Delta Deep Offshore.

The assets also comprise three blocks in the Benin Basin Onshore, four in the Anambra Basin Onshore, four in the Chad Basin Onshore and another four in the Benue Trough.

The statement read, “The Nigerian Upstream Petroleum Regulatory Commission has invited qualified companies to the highly anticipated commercial Bid Conference slated for July 21, 2026.

“These companies which scaled through the transparent and rigorous process have been notified and are expected to physically attend the Commercial Bid Conference taking place at the Conference Center, Transcorp Hilton Hotel, Abuja. Attendance is strictly by invitation. On offer are 50 oil and gas blocks across diverse terrains. The Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (1), Benin Basin Onshore (3), Anambra Basin Onshore (4), Chad Basin Onshore (4) and Benue Trough (4).

“In line with the guidelines, the elements of bid parameters include: the signature bonus, the work programme commitment and commitment to performance security culminating in a weighted technical and commercial score which will determine a winning bid.”

The distribution of the blocks reflects the Federal Government’s efforts to attract investment beyond the traditional oil-producing areas of the Niger Delta and promote exploration in frontier basins with significant hydrocarbon potential.

The commercial bids will be evaluated based on key parameters, including signature bonuses, work programme commitments and performance security.

These parameters will be combined into a weighted technical and commercial score to determine the successful bidders.

The commission said the companies invited to the conference had emerged from a transparent and rigorous prequalification process.

The 2025 Licensing Round was first announced on November 11, 2025, in line with the provisions of the Petroleum Industry Act, 2021.

The bid portal was subsequently launched on December 1, 2025, allowing interested companies to register and participate in the process.

A pre-bid conference was held on January 14, 2026, at Eko Hotels and Suites in Lagos, where the guidelines and procedures were explained to registered bidders and other interested stakeholders.

The registration and submission of prequalification documents closed on February 27, 2026, while the prequalification stage was completed on March 16, 2026.

A total of 286 companies submitted applications for prequalification.

Following the evaluation process, 196 companies were cleared to proceed to the technical and commercial bidding phase.

The commission said 143 of the prequalified companies subsequently submitted a combined 200 bids for the available assets.

The 143 companies are now expected to participate in the commercial bid conference on Tuesday.