The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened the 2026 licensing round, putting 40 oil and gas blocks up for investors as Nigeria seeks to attract more capital into its upstream petroleum sector.
Oritsemeyiwa Eyesan, chief executive officer of NUPRC, announced the new licensing exercise on Wednesday in Abuja during the commission’s anniversary celebration. She said the launch followed approval from President Bola Tinubu and the Minister of 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 Tinubu, and the Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby launched,” she said.
According to Eyesan, the 40 blocks cover three areas of the upstream sector: land, shallow water and deepwater terrains. She said the opportunities are open to investors with the technical expertise, financial strength and commitment required to develop Nigeria’s petroleum resources.
“This round offers 40 blocks across land, shallow water and deepwater terrains. I can see my IOC is already permuting. They are open to investors with the technical competence, financial capability and, above all, the commitment to develop Nigeria’s petroleum resources.”
The latest licensing round comes shortly after the conclusion of the 2025 licensing exercise, which recorded significant participation from both Nigerian and international companies. Eyesan said 143 companies submitted 200 bids during the 2025 round, with 31 companies eventually emerging as winners of 37 oil and gas blocks. The commission also recorded increased interest in frontier basins outside Nigeria’s traditional oil producing areas. These include the Anambra Basin, Benue Trough, Chad Basin and Benin Basin.
NUPRC said the blocks offered during the 2025 round have the potential to add about 500 million barrels to Nigeria’s reserves. They are also expected to contribute at least 300,000 barrels per day of crude oil and condensate production within the next five years. The previous exercise is also expected to support Nigeria’s gas development plans. According to Eyesan, the assets could add about 20 trillion cubic feet of gas reserves and 20 billion standard cubic feet of gas per day.
The commission said the 2026 licensing round is part of its broader effort to create regular opportunities for investment in Nigeria’s upstream petroleum industry. Before the latest exercise, NUPRC had conducted three licensing exercises since its establishment. These include the 2022 deep offshore mini bid round, the 2024 Nigerian licensing round and the 2025 Nigerian licensing round. The exercises have so far resulted in the award of 57 petroleum prospecting licences.
The regulator has previously said it wants licensing rounds to become more predictable and frequent as it seeks to encourage exploration, increase reserves and boost oil and gas production. The latest offering therefore provides another opportunity for new and existing investors to acquire petroleum assets in Nigeria while supporting the government’s efforts to increase production and attract fresh investment into the sector.
