The Federal Government has announced the 2026 oil licensing round, offering 40 blocks across land, shallow-water and deepwater terrains as Nigeria seeks to attract fresh investment into the upstream petroleum sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the new bidding guidelines would strengthen transparency by requiring bidders to disclose their beneficial owners, while the evaluation methodology and results of the exercise would be published in greater detail.
The NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the licensing round on Tuesday in Abuja during the commission’s fifth anniversary celebration.
Eyesan said the exercise had received the approval of President Bola Tinubu and the Minister of Petroleum Resources, adding that the blocks would be open to investors with the technical expertise, financial capacity and commitment required to develop Nigeria’s petroleum resources.
“The wait is over. It is with great joy that I announce that pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, and the Honourable Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby announced,” Eyesan said.
“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.”
She said the commission was focused on creating a competitive and predictable environment for upstream investors, noting that global competition for capital was becoming increasingly intense.
“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 both local and international investors.
According to Eyesan, 143 companies submitted 200 bids during the 2025 exercise, with 31 companies emerging as winners of 37 blocks.
She said the round also demonstrated growing investor interest in frontier basins outside Nigeria’s traditional Niger Delta producing areas, with the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracting bids.
Since the Petroleum Industry Act (PIA) came into force in 2021, the NUPRC said it has conducted three licensing exercises — the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round — resulting in the award of 57 Petroleum Prospecting Licences.
Eyesan said the commission would apply lessons from previous licensing exercises to make the 2026 round more transparent, predictable and competitive.
She said recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI) would also be incorporated into the new process.
According to Eyesan, NEITI’s review of the 2022–2024 licensing rounds found the process generally professional, transparent and inclusive, while identifying areas for improvement in evaluation methodology, disclosure of results, public access to bidding information and beneficial ownership disclosure.
“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 also pledged that the commission would publish the bidding timetable at the outset and adhere to it, stressing that investors needed certainty to secure board approvals, mobilise funds and prepare their bids.
“Investors must plan. Boards must approve. Funds must be mobilised. Every one of these decisions depends on dates that hold. We will certainly hold,” she said.
The commission plans to engage prospective bidders through its licensing website and portal, virtual data room, webinars and a dedicated help desk.
Eyesan added that all material clarifications would be communicated to every participant to ensure that no bidder received an information advantage.
The 2026 licensing round is also expected to support Nigeria’s efforts to increase crude oil and condensate production while expanding gas reserves.
Eyesan said assets offered in previous licensing exercises, subject to successful development, could add about 500 million barrels to the country’s 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 ambition to raise production to three million barrels per day by 2030.
The assets could also contribute about 20 trillion cubic feet of gas reserves and 50 million standard cubic feet of gas per day in production, supporting the Federal Government’s “Decade of Gas” initiative, she added.
However, Eyesan warned successful bidders that securing a licence would come with an obligation to develop the awarded 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.
Eyesan said details of the 40 blocks, qualification requirements and participation procedures would be published on the NUPRC’s website and dedicated licensing portal in the coming days.
She urged Nigerian and international investors to participate, saying the commission was committed to making Nigeria a competitive destination for upstream investment.
“We will make our award processes more consistent and more predictable and we will put comprehensive, current and investment-ready technical data in the hands of bidders so that they can evaluate with confidence and bid competitively,” she said.
Eyesan added that the 2026 licensing guidelines would clearly define eligibility requirements, bid parameters, evaluation criteria and conditions of award, with all eligible investors expected to compete on a level playing field.
The 2026 licensing round comes as the Federal Government and the NUPRC seek to attract new upstream capital while ensuring that awarded acreage translates into actual exploration, development and production.
