Nigeria is stepping up efforts to attract international investment into its oil and gas industry, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) offering 40 oil and gas blocks in its 2026 licensing round as competition for global energy capital intensifies.
The commission has announced that its bidding portal will open on November 20, 2026, giving qualified local and international investors an opportunity to participate in the exercise covering land, shallow-water and deepwater terrains.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed the opening date on Monday, November 2, during a roundtable discussion at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates.
Eyesan urged international investors to consider Nigeria, citing improved security, competitive fiscal terms, cost-management incentives and regulatory reforms introduced under the Petroleum Industry Act (PIA).
According to a report by Vanguard on November 2, Eyesan said Nigeria had become more competitive as the government worked to address investment concerns surrounding operating costs, project execution, delays and policy uncertainty.
She attributed the improvement in the investment climate partly to the PIA, enacted in 2021, and executive orders issued by President Bola Tinubu.
Eyesan also said the commission had conducted at least four successful licensing rounds between 2021 and 2026, describing the development as a departure from the pre-PIA period when licensing exercises were less frequent.
The 2026 licensing round was formally launched on October 6 in Abuja following presidential approval, according to an announcement published by NUPRC.
The regulator said the 40 blocks would be available to investors with the technical competence, financial capacity and commitment required to develop Nigeria’s petroleum resources.
It also introduced additional transparency requirements following recommendations by the Nigeria Extractive Industries Transparency Initiative (NEITI).
Under the proposed guidelines, bidding companies will be required to disclose their beneficial owners, while the commission will provide fuller details of its evaluation methodology and publish more comprehensive bidding results.
The investment drive comes as Nigeria seeks to reverse production losses and unlock the potential of its existing petroleum assets.
At its October 6 anniversary event, NUPRC identified more than 788,000 barrels per day of shut-in production across 63 operators as a major recovery opportunity.
Eyesan also disclosed plans to advance offshore projects valued at between $30 billion and $50 billion towards final investment decisions.
On natural gas, the commission is targeting full delivery of domestic gas obligations, up from approximately two-thirds, as Nigeria seeks to maximise its estimated 215 trillion cubic feet of gas reserves.
The new exercise follows the 2025 licensing round, in which 31 companies emerged winners of 37 oil and gas blocks out of 50 offered.
Premium Times reported on October 7 that the previous exercise attracted 143 companies, which submitted approximately 200 bids, highlighting investor interest in both established producing areas and Nigeria’s frontier basins.
The 2025 round also attracted interest in the Anambra Basin, Benue Trough, Chad Basin and Benin Basin, areas the regulator considers important to expanding exploration beyond the traditional Niger Delta producing region.
For Nigeria, the challenge now extends beyond attracting bidders. The government must ensure that successful investors commit the necessary capital, meet development obligations and translate awarded licences into actual oil and gas production.
The November 20 opening of the bidding portal will therefore mark another important step in the country’s efforts to restore investor confidence, expand upstream activities and strengthen its position in the global energy market.
