Trending 
Nigeria’s largest oil block auction since the enactment of the Petroleum Industry Act in 2021 saw established operators, including a subsidiary of state-owned NNPC and billionaire Tony Elumelu’s Heirs Energies, lose out to lesser-known firms, according to a report.
“Several big-name operators, including a subsidiary of the state-owned Nigerian National Petroleum Company (NNPC) and billionaire Tony Elumeluʼs Heirs Energies, were outbid by smaller firms in the countryʼs third oil block auction in four years,” The Africa Report stated.
The licensing round, launched in December, offered 50 blocks, of which 37 attracted bids from 143 companies following prequalification.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said 13 blocks received no bids and will be returned to the licensing basket.
NNPC E&P Limited and 10 others vied for onshore asset Petroleum Prospecting Licence (PPL) 2A32.
Dutchford Exploration and Production Company emerged as the winner with an aggregate score of 100%, comprising the maximum technical score of 60 points and a commercial score of 40, according to The Africa Report.
The NNPC subsidiary ranked fourth overall with 73%, trailing Saratoga Energy Resources and Fairmont Petroleum.
One executive, speaking on condition of anonymity, questioned how a bidder could achieve full marks in a complex technical and commercial assessment.
“There is no technical evaluation that will score anybody 100 percent,” the executive told The Africa Report.
NUPRC chief executive Oritsemeyiwa Eyesan said the evaluation was “rigorous” and “objective”, designed to place assets with companies capable of delivering long-term value rather than merely selecting the highest financial offer.
“Forget whatever you’ve been told; forget whatever you’ve heard. Nobody has seen anybody’s commercial bids,” Eyesan said.
NUPRC spokesperson Eniola Akinkuotu refuted allegations that the bidding portal was reopened after its closure in June, telling The Africa Report that “the portal was never reopened”.
Heirs Energies missed out on two contested shallow-water blocks.
The firm competed for PPL 2A39 alongside 21 other bidders, but Pivot GIS and BVOF Energy Company tied at 93 percent each, with Pivot securing the block through a tie-break.
Heirs Energies also contested PPL 2A43, which drew 24 bidders. BVOF Energy Company again prevailed with 87 percent, while Heirs Energies failed to rank among the reserve bidders.
