The Federal Government on Tuesday said the highest financial bidder would not automatically emerge as the winner of an oil block in the ongoing 2025 Licensing Round, insisting that technical competence and operational capability would play a decisive role in determining successful bidders.Speaking at the 2025 Commercial Bid Conference in Abuja, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said the commission’s evaluation process was designed to ensure petroleum assets were awarded to companies capable of developing them, rather than firms that simply submitted the highest financial offers.She said the assessment process was rigorous, objective and aimed at securing the best long-term value for Nigeria’s upstream petroleum sector.“The evaluation was rigorous. It was objective. It was simple. And it was to place assets in the hands of bidders capable of delivering the best overall long-term value. It wasn’t, or it isn’t going to be just about your ability to be the highest bidder.“We want to ensure that you have the right capabilities to deliver the assets, in addition to having the financial resources to deliver these assets. The team carefully assessed each bidder’s competence and experience, organisational and operational capacity, credibility of their proposed work programme, resource commitment to execution, and the ability to deliver within the proposed time frame,” Eyesan said.She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. Speaking at the 2025 Commercial Bid Conference in Abuja, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, said the commission’s evaluation process was designed to ensure petroleum assets were awarded to companies capable of developing them, rather than firms that simply submitted the highest financial offers.She said the assessment process was rigorous, objective and aimed at securing the best long-term value for Nigeria’s upstream petroleum sector.“The evaluation was rigorous. It was objective. It was simple. And it was to place assets in the hands of bidders capable of delivering the best overall long-term value. It wasn’t, or it isn’t going to be just about your ability to be the highest bidder.“We want to ensure that you have the right capabilities to deliver the assets, in addition to having the financial resources to deliver these assets. The team carefully assessed each bidder’s competence and experience, organisational and operational capacity, credibility of their proposed work programme, resource commitment to execution, and the ability to deliver within the proposed time frame,” Eyesan said.She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. She said the assessment process was rigorous, objective and aimed at securing the best long-term value for Nigeria’s upstream petroleum sector.“The evaluation was rigorous. It was objective. It was simple. And it was to place assets in the hands of bidders capable of delivering the best overall long-term value. It wasn’t, or it isn’t going to be just about your ability to be the highest bidder.“We want to ensure that you have the right capabilities to deliver the assets, in addition to having the financial resources to deliver these assets. The team carefully assessed each bidder’s competence and experience, organisational and operational capacity, credibility of their proposed work programme, resource commitment to execution, and the ability to deliver within the proposed time frame,” Eyesan said.She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. “The evaluation was rigorous. It was objective. It was simple. And it was to place assets in the hands of bidders capable of delivering the best overall long-term value. It wasn’t, or it isn’t going to be just about your ability to be the highest bidder.“We want to ensure that you have the right capabilities to deliver the assets, in addition to having the financial resources to deliver these assets. The team carefully assessed each bidder’s competence and experience, organisational and operational capacity, credibility of their proposed work programme, resource commitment to execution, and the ability to deliver within the proposed time frame,” Eyesan said.She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. “We want to ensure that you have the right capabilities to deliver the assets, in addition to having the financial resources to deliver these assets. The team carefully assessed each bidder’s competence and experience, organisational and operational capacity, credibility of their proposed work programme, resource commitment to execution, and the ability to deliver within the proposed time frame,” Eyesan said.She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. She explained that the commission assessed bidders based on competence, experience, operational capacity, the credibility of their work programmes, resource commitment and their ability to execute projects within specified timelines.“Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. “Today, the commercial components of the qualified bids will be opened. And as was said earlier, forget whatever you’ve been told, forget whatever you’ve heard, nobody has seen anybody’s commercial bids. And we will demonstrate that today.“This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. “This approach of ensuring close bids is in recognition of the fact that these equities must be operated by credible, competent operators. Not, I repeat, by operators who can bid the highest,” she added.Related NewsPFIPC scandal: Gbajabiamila invited, not arrested – ICPCNELFUND saved me, UNILAG student shares drop-out survival storyINEC begins 2026 recruitment, how to applyThe commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. The commercial bid opening marks the final stage of the licensing process before the successful companies are announced.PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. PUNCH Online reports that the 2025 Licensing Round was announced on November 11, 2025, in line with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. The assets comprise 16 Niger Delta onshore blocks, 18 shallow water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, in Lagos to guide prospective investors on the bidding requirements.Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. Under the licensing guidelines, winning bids are determined through a weighted evaluation of signature bonus commitments, proposed work programmes and performance security, combining both technical and commercial scores rather than financial offers alone.The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector. The framework is intended to ensure that petroleum assets are awarded to investors with the financial strength, technical expertise and operational capacity required to accelerate exploration and production in Nigeria’s upstream sector.