By Seun Ibiyemi
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will open its bidding portal for the 2026 oil and gas licensing round on November 20, as Nigeria steps up efforts to attract fresh investment into its upstream petroleum sector.
The Commission Chief Executive, Oritsemeyiwa Eyesan, announced the date on Monday while engaging investors at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi.
The licensing round offers 40 oil and gas blocks across different terrains, with the commission seeking investors with the technical expertise and financial capacity to develop the country’s petroleum assets.
Speaking during a roundtable discussion titled, “Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security,” Eyesan said Nigeria was positioning itself as a competitive investment destination amid increasing global competition for capital.
“We are expecting investors to turn to Nigeria. We are going in for another licensing round and we will be launching our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive,” she said.
Eyesan said the commission had introduced an attractive fiscal framework, improved security and incentives aimed at reducing operating costs for investors.
She attributed improvements in Nigeria’s investment climate to the passage of the Petroleum Industry Act (PIA) in 2021 and executive orders issued by President Bola Tinubu.
According to her, the regulatory reforms have made licensing more regular and predictable, unlike the period before the PIA when licensing rounds were less frequent.
She said the commission had conducted at least four successful licensing rounds between 2021 and 2026, creating additional investment opportunities in the sector.
On Nigeria’s gas potential, Eyesan noted that the country held approximately 215 trillion cubic feet of gas reserves but produced about seven billion cubic feet daily, leaving significant room for increased development.
READ ALSO:N10bn emergency fund not for Ebola alone, covers multiple epidemic threats – NCDC
She said the gap between available reserves and production presented opportunities for investors, particularly as major gas infrastructure projects were expected to improve supply and transportation.
Among the projects she cited were the proposed Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline, which could expand gas delivery to domestic and regional markets, as well as Europe.
The NUPRC chief executive added that Nigeria was addressing investment risks associated with project execution, costs, delays and uncertainty.
“We understand that investors will prize execution risk, cost, delays and also uncertainty and so what we have done in Nigeria is to ensure that we guard against these risks and then attract the investment required to enable us unlock the huge resources we sit on,” she said.
The 2026 licensing round forms part of Nigeria’s broader efforts to attract fresh capital, develop its petroleum resources and increase oil and gas production.
