FG Opens 2026 Licensing Round, Puts 40 Oil Blocks Up for Bids
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round on Tuesday in Abuja during activities marking the fifth anniversary of the Commission’s establishment under the Petroleum Industry Act (PIA) 2021.
Eyesan said the exercise followed approvals by President Bola Tinubu and Minister of Petroleum Resources, adding that the blocks were open to investors with the required technical competence, financial capacity and commitment to develop the assets.
She said intense competition for upstream capital globally made it necessary for Nigeria to provide clear rules, predictable processes and reliable technical data to attract investment.
“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 Honourable Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby announced,” Eyesan said.
She urged Nigerian and international investors to participate in the exercise, which covers oil blocks in land, shallow water and deepwater terrains.
The announcement comes after the conclusion of the 2025 licensing round, where 143 companies submitted 200 bids, with 31 companies emerging winners of 37 blocks.
Eyesan said the previous exercise also demonstrated 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 PIA came into force in 2021, the NUPRC has conducted three licensing exercises: the 2022/2023 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round.
According to Eyesan, the exercises resulted in the award of 57 Petroleum Prospecting Licences.
She said the 2026 exercise would introduce stronger transparency and predictability measures, including the disclosure of the beneficial owners of all bidders and fuller publication of the evaluation methodology and results.
The measures followed recommendations by the Nigeria Extractive Industries Transparency Initiative (NEITI) after its review of the 2022 to 2024 licensing rounds.
Eyesan said NEITI had found the previous processes generally professional, transparent and inclusive, while identifying areas for improvement, including evaluation methodology, disclosure of results, public access to bidding information and beneficial ownership disclosure.
She said the Commission had accepted the recommendations and would implement them in the 2026 licensing round.
The NUPRC boss also assured prospective investors that the bidding timetable would be published at the beginning of the exercise and adhered to, stressing that certainty over timelines was important for investment decisions.
She said investors required adequate time to secure board approvals, mobilise funds and prepare their bids.
The Commission is also expected to engage prospective bidders through its licensing website and portal, virtual data room, webinars and a dedicated help desk.
Eyesan said material clarifications would be communicated to all participants to ensure that no bidder received an unfair advantage.
She said the licensing round formed part of efforts to increase crude oil and condensate production and expand Nigeria’s gas reserves.
According to her, assets offered in previous licensing exercises, subject to successful development, were expected to add about 500 million barrels to 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 raising crude oil production to three million barrels per day 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, supporting the Federal Government’s Decade of Gas initiative.
Eyesan, however, warned successful bidders that winning 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.
She said full details of the blocks, qualification requirements and participation procedures would be published on the Commission’s website and dedicated licensing portal.
Eyesan said the NUPRC remained committed to making Nigeria a more competitive destination for upstream investment by ensuring consistent licensing processes and providing investors with comprehensive, current and investment-ready technical data.
She added that the 2026 licensing guidelines would clearly define eligibility requirements, bid parameters, evaluation criteria and conditions of award, with the rules to be applied consistently to Nigerian and international investors.
