The Federal Government has opened the 2026 oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains as it seeks to attract fresh investment into Nigeria’s upstream sector.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said the new bidding process would strengthen transparency by requiring bidders to disclose their beneficial owners and providing fuller details of the evaluation methodology and results.
The NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the licensing round during the commission’s fifth anniversary celebration in Abuja on Tuesday, saying the exercise followed the approval of President Bola Tinubu and the Minister of Petroleum Resources.
She added that the blocks would be open to investors with the technical competence, financial capacity and commitment required to develop Nigeria’s petroleum resources.
“Ladies and gentlemen, the wait is over. It is with great joy that I announce that pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby announced.
“This round offers 40 blocks across land, shallow water and deepwater terrains. They are open to investors with the technical competence, financial capability and, above all, the commitment to develop Nigeria’s petroleum resources.
“We will not rest on our oars. Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she said.
The announcement follows the conclusion of the 2025 licensing round, which attracted significant interest from local and international oil companies.
According to Eyesan, 143 companies submitted 200 bids in the 2025 round, with 31 companies emerging as winners of 37 blocks.
She said the exercise also reflected growing investor interest in frontier basins outside the traditional Niger Delta producing areas, including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin.
Since the Petroleum Industry Act came into force in 2021, the commission has conducted three licensing exercises: the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round. The exercises resulted in the award of 57 Petroleum Prospecting Licences.
Eyesan said the commission would apply lessons from previous licensing rounds, including recommendations from the Nigeria Extractive Industries Transparency Initiative, NEITI, to improve the 2026 process.
She said NEITI’s review of the 2022–2024 licensing rounds found the process generally professional, transparent and inclusive, while identifying areas for improvement in the evaluation methodology, disclosure of results, public access to bidding information and beneficial ownership disclosure.
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“The guidelines will also set out our evaluation methodology in full, provide for fuller publication of results and require disclosure of beneficial owners of every bidder, in keeping with NEITI’s counsel,” she said.
Eyesan said the commission would publish the bidding timetable at the outset and adhere to it, stressing that certainty over key dates was important for investors seeking board approvals, mobilizing funds and preparing their bids.
She added that the commission would strengthen communication with prospective bidders through its licensing website and portal, virtual data room, webinars and a dedicated help desk.
According to her, all material clarifications would be communicated to every participant to ensure that no bidder received information unavailable to others.
The NUPRC said the 2026 licensing round would also support efforts to increase crude oil and condensate production and expand Nigeria’s gas reserves.
Eyesan said assets offered in previous licensing exercises, subject to successful development, were expected to add about 500 million barrels of reserves and at least 300,000 barrels per day of crude oil and condensate production within five years.
She said the expected additions would support Nigeria’s target of reaching three million barrels per day of crude oil production by 2030.
The assets were also projected to contribute about 20 trillion cubic feet of gas reserves and 50 million standard cubic feet of gas per day in production, in line with the Federal Government’s Decade of Gas initiative.
However, Eyesan warned successful bidders that securing a licence would come with an obligation to develop the assets.
“To those who will win, my message remains the same: Drill or Drop. A licence is a commitment to Nigeria, not a trophy on the wall,” she said.
The NUPRC said full details of the blocks, qualification requirements and participation procedures would be published on its website and dedicated licensing portal.
Eyesan urged Nigerian and international investors to participate in the exercise, saying the commission would ensure that eligible bidders compete on a level playing field.
She said the guidelines would clearly specify the eligibility criteria, bid parameters, evaluation criteria and conditions of award, while the commission would provide investors with current technical data to support their decisions.
The 2026 licensing round is part of the Federal Government’s broader efforts to make Nigeria a more predictable destination for upstream investment and ensure that awarded petroleum acreage translates into exploration, development and production.
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