Africa’s biggest oil producer is pressing ahead with one of its most ambitious upstream investment drives in years, even after more than a quarter of the oil and gas assets on offer failed to attract investor interest.
Nigeria’s upstream regulator on Tuesday advanced 196 companies to the commercial bidding stage of its 2025 licensing round, but confirmed that 13 of the 50 oil blocks offered received no bids and will return to the government’s licensing basket for future auctions.
The outcome reflects both renewed confidence in Nigeria’s oil sector and the growing selectiveness of global investors, who are increasingly directing capital towards projects with stronger commercial prospects as competition for upstream investment intensifies.
The exercise comes at an important moment for Africa’s largest crude producer. After years of struggling with oil theft, pipeline vandalism, underinvestment and regulatory uncertainty, Nigeria has begun rebuilding production.
Last month, the country exceeded its OPEC crude production quota for the fourth consecutive month, recording its highest crude output since April 2020.
