With the commercial bid conference for the 2025 Licensing Round, a major step in the allocation of 50 oil and gas blocks to qualified investors, billed for Tuesday July 21, 2026, over 143 companies are poised to slug it out for allocations.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that only companies which successfully passed the technical and prequalification stages of the exercise have been invited to attend the event, scheduled for the Conference Centre of Transcorp Hilton Hotel, Abuja.

Biztellers reports that attendance is strictly by invitation.

The commercial bid conference is expected to determine the successful bidders for oil and gas assets spread across several producing and frontier basins in Nigeria.

The 50 blocks on offer comprise 16 onshore blocks in the Niger Delta, 18 shallow water blocks in the Niger Delta, 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.

According to the commission, the winning bids will be determined through a transparent evaluation process based on clearly defined commercial parameters. These include the signature bonus offered by bidders, the proposed work programme commitment and the level of performance security provided. The final selection will be based on a weighted technical and commercial score.

The licensing round is being conducted under the provisions of the Petroleum Industry Act (PIA) 2021, which requires a transparent and competitive process for the award of petroleum assets.

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The NUPRC had announced the commencement of the 2025 Licensing Round on November 11, 2025, before opening the online bid portal on December 1, 2025, to enable interested companies register and participate in the exercise.

To ensure prospective investors fully understood the requirements, the commission organised a pre-bid conference on January 14, 2026, at Eko Hotels and Suites, Lagos. The event provided detailed explanations on the licensing guidelines and bidding procedures to registered participants and other stakeholders.

Registration and submission of prequalification documents closed on February 27, 2026, while the prequalification evaluation was completed on March 16, 2026.

The NUPRC disclosed that 286 companies initially submitted applications for prequalification.

Following the evaluation process, 196 companies were cleared to participate in the technical and commercial bid stages.

Out of the prequalified firms, 143 companies eventually submitted a total of 200 bids for the available oil and gas blocks. These companies are now set to compete at the commercial bid conference, where the financial offers will be opened and evaluated to determine the eventual winners.

The licensing round is expected to attract fresh investment into Nigeria’s upstream petroleum sector, boost exploration activities across both producing and frontier basins, increase crude oil and gas reserves, and support the country’s drive to grow production and government revenue. It also underscores the regulator’s commitment to implementing a transparent, competitive and investor-friendly licensing regime under the PIA.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised the newly awarded holders of Petroleum Prospecting Licences (PPLs) to focus on developing their assets as quickly as possible and engaging responsibly with host communities in line with the Petroleum Industry Act (PIA).

The Commission Chief Executive, Oritsemeyiwa Eyesan, gave the charge during the signing ceremony of the second batch of winners of the 2022/2023 Mini Bid Round and the 2024 Licensing Round.

According to Eyesan, licence holders must prioritise host community obligations in order to succeed.

“As licencees, you are expected to execute your approved work programmes diligently, honour your financial commitments, comply fully with the provisions of the PIA, the applicable regulations and these contractual documents.

“The Commission equally expects the highest standards of health, safety, environmental protection and responsible engagement with host communities,” the NUPRC boss said.

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In a statement by NUPRC’s Head, Media and Corporate Communications, Eniola Akinkuotu, the NUPRC boss said the licensees awarded under the 2022/23 Mini Bid Round and the Nigeria 2024 Licensing Round are expected to stimulate exploration activities, attract additional investment, accelerate the development of Nigeria’s hydrocarbon resources and contribute meaningfully to the nation’s energy security and economic development.

These objectives, she said, are closely aligned with the Federal Government’s strategic aspiration to increase Nigeria’s crude oil production to 2 million barrels per day by 2027, while positioning the country to achieve a long-term production target of 3 million barrels per day by 2030.

Asharami Energy Limited (AEL), Sahara’s upstream Exploration and Production business, through its subsidiary, Enageed Resources Limited (ERL), has achieved 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations.

A company statement made available to Biztellers describes the achievement as “reinforcing its commitment to operational excellence and safety leadership as Sahara Upstream targets 350,000 barrels of oil per day by 2030”.

It added that the LTI is a key indicator for workplace injuries that result in time away from work. The milestone reflects Asharami Energy’s ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on its 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation and sustainable growth.

Leste Aihevba, Chief Technical Officer, Asharami Energy, said: “Operational excellence begins with protecting our people, stakeholders, and communities. As we advance towards producing 350,000 barrels of oil per day, this culture will remain fundamental to how we safely deliver projects, increase production, and bring energy to life responsibly.”

He added: “Each LTI-free man-hour represents thousands of safe decisions, disciplined actions, and shared accountability in pursuit of our Goal Zero safety culture. That culture will continue to guide our journey as we unlock new growth opportunities. Zero is Possible.”

Representing the PSC partners, Nigerian Upstream Investment Management Services (NUIMS), Vincent Uwadileke, Asset Manager PSC Asset B, congratulated ERL, describing the achievement as a testament to discipline, vigilance, and HSSE excellence. He urged the team to build on the milestone and strive towards 7 million LTI-free man-hours next year.

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Ade Odunsi, Executive Director, Sahara Upstream, described the achievement as proof of Sahara’s safety-first transformation agenda. “At Sahara, sustainable growth can only be achieved when safety is embedded in every decision, process, and operation. Reaching 6 million LTI-free man-hours demonstrates the strength of our safety culture and operational discipline.”

Odunsi commended employees, contractors, regulators, host communities, and partners. “This didn’t happen by accident; it happened because every single day, people chose to do things the right and safer way. That must remain our standard because everything else is built on safety,” he added.

The event featured the unveiling of the Six Million Man-Hours LTI-Free Safety Plaque, led by Temitope Shonubi, Adedeji Odunsi and Moroti Adedoyin-Adeyinka, Executive Directors of Sahara, alongside NUIMS representatives Vincent Uwadileke and Jeffery Jaiyeola, Deputy Asset Manager (Technical) PSC Asset B, and Leste Aihevba.

Shonubi said: “The upstream business is unique. As you take out, you have less left, which is why our responsibility is not just to produce, but to do so safely and sustainably. We must move from technical production to being techno-commercial, ensuring every investment creates sustainable value and is executed using HSSE best practices. The better days must always be ahead.”

Bethel Obioma, Head, Corporate Communications, Sahara, highlighted communication’s role in sustaining safety culture. “Safety becomes truly impactful when it is understood, embraced, and practiced by everyone. At Sahara, consistent communication keeps safety top of mind, reinforces accountability, and helps transform safety from a requirement into a shared responsibility.”

The milestone reinforces Asharami Energy’s position as a responsible energy partner and Sahara’s commitment to safe, sustainable operations, with safety remaining a defining pillar of the Sahara’s Beyond XXX vision.