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The Nigerian government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced the 2026 oil licensing round, offering 40 blocks to investors.
NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the licensing round on Tuesday in Abuja during her closing remarks at the commission’s fifth anniversary celebration.
The blocks cover land, shallow water and deepwater terrains.
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Eyesan said the round followed approval from President Bola Tinubu and the Minister of Petroleum Resources. She said the blocks would be open to investors with the technical expertise, financial capacity and commitment 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. I can see my IOC is already permutating. They are open to investors with the technical competence, financial capability and, above all, the commitment to develop Nigeria’s petroleum resources.”
Eyesan said competition for upstream investment was becoming increasingly fierce.
“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.”
The announcement follows the conclusion of the 2025 licensing round, which attracted local and international oil companies.
According to Eyesan, 143 companies submitted 200 bids during the 2025 exercise. She said 31 companies won 37 blocks. The exercise also attracted investor interest to frontier basins outside the traditional Niger Delta producing areas.
These included the Anambra Basin, Benue Trough, Chad Basin and Benin Basin. Since the Petroleum Industry Act came into force in 2021, NUPRC has conducted three licensing exercises. They are 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 make the 2026 process more transparent and predictable.
“Of all the reforms the PIA brought, none speaks more to who we are than this: in Nigeria, petroleum acreage is won, not given. It is no longer discretionary.”
“The PIA made transparent and competitive bidding the rules for the award of Petroleum Prospecting Licences and Petroleum Mining Leases. Clear rules have taken the place of discretion. We have honoured that reform.”
The commission said the new bidding guidelines would require every bidder to disclose its beneficial owners. NUPRC will also publish its evaluation methodology and provide more detailed results. Eyesan said the changes followed recommendations from the Nigeria Extractive Industries Transparency Initiative.
NUPRC will also engage prospective bidders through its licensing website, portal, virtual data room, webinars and dedicated help desk. Eyesan said it would share all material clarifications with every participant to ensure a level playing field.
“And every material clarification will be shared with all participants. No bidder will know what others do not,” she said.
The commission said the licensing round would also support Nigeria’s oil and gas production targets. Eyesan said assets offered in previous licensing exercises could add about 500 million barrels of reserves. She said they could also deliver at least 300,000 barrels per day of crude oil and condensate within five years, subject to successful development.
The expected production would support Nigeria’s target of reaching three million barrels per day by 2030. The assets could also add about 20 trillion cubic feet of gas reserves and 50 million standard cubic feet of gas per day in production.
Eyesan urged Nigerian and international investors to participate in the exercise. She said the commission wanted Nigeria to remain a competitive destination for upstream investment.
“I want Nigeria to win that contest. I want Nigeria to remain the destination of choice for hydrocarbon investments.”
She added that NUPRC would provide current and investment-ready technical data to help bidders assess the blocks and compete effectively.
“The Nigeria 2026 Licensing Round guidelines will clearly set out the eligibility criteria, bid parameters, evaluation criteria and conditions of award.”
“They will be applied consistently so that every eligible investor, large or small, Nigerian or international, competes on a level playing field,” she added.
