By Seun Ibiyemi
The Federal Government has announced the 2026 Nigerian oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains as part of renewed efforts to attract investment, increase hydrocarbon production and strengthen Nigeria’s position in the global upstream petroleum market.
The Nigerian Upstream Petroleum Regulatory Commission (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.
Eyesan said the exercise followed the approval of President Bola Ahmed Tinubu and the Minister of Petroleum Resources, stressing that the blocks would be open to investors with the required technical competence, financial capacity and commitment to developing 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… the Nigerian 2026 Licensing Round is hereby announced.
“This round offers 40 blocks across land, shallow water and deepwater terrains,” she said.
The NUPRC boss said the Commission would prioritise transparency, predictability and equal opportunity throughout the bidding process, noting that competition for upstream capital had become increasingly intense globally.
“Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” Eyesan said.
A major feature of the 2026 licensing round will be the mandatory disclosure of the beneficial owners of all bidding companies.
Eyesan said the new guidelines would also provide greater clarity on the evaluation methodology and ensure fuller publication of the results of the bidding exercise.
The measures, she explained, followed recommendations by the Nigeria Extractive Industries Transparency Initiative (NEITI) after its review of the 2022–2024 licensing rounds.
According to her, NEITI found the previous processes to be generally professional, transparent and inclusive, while identifying areas requiring improvement, including evaluation methodology, publication of results, access to bidding information and beneficial ownership disclosure.
She said the Commission had accepted the recommendations and would incorporate them into the 2026 licensing process.
“The guidelines will also set out our evaluation methodology in full, provide for fuller publication of results and require disclosure of beneficial owners of every bidder, in keeping with NEITI’s counsel,” Eyesan said.
She added that the Commission would publish the bidding timetable at the outset and adhere strictly to the schedule to give investors sufficient time to secure board approvals, mobilise funds and prepare their bids.
The 2026 exercise follows the conclusion of the 2025 licensing round, which attracted significant interest from local and international investors.
Eyesan disclosed that 143 companies submitted 200 bids during the 2025 exercise, with 31 companies emerging as winners of 37 blocks.
She said the previous round also demonstrated growing investor interest in Nigeria’s frontier basins, with areas including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracting investment interest beyond the traditional producing areas of the Niger Delta.
Since the Petroleum Industry Act (PIA) came into force in 2021, the NUPRC said it had conducted three licensing exercises — the 2022 Deep Offshore Mini Bid Round, 2024 Nigerian Licensing Round and 2025 Nigerian Licensing Round — resulting in the award of 57 Petroleum Prospecting Licences.
Eyesan said the Commission was determined to build on the reforms introduced by the PIA by ensuring that petroleum acreage was awarded through transparent and competitive processes.
“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,” she said.
The Commission expects the licensing round and development of recently awarded assets to contribute significantly to Nigeria’s oil and gas production targets.
Eyesan said the assets awarded through previous licensing exercises, subject to successful development, could add about 500 million barrels to the country’s reserves and at least 300,000 barrels per day of crude oil and condensate production within five years.
She said the anticipated production increase would support Nigeria’s target of reaching three million barrels per day by 2030.
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The assets are also expected 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.
While encouraging investors to participate in the 2026 round, Eyesan warned successful bidders that securing an oil block would come with a firm 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 the Commission would strengthen communication with prospective bidders through its licensing website and portal, virtual data room, webinars and a dedicated help desk.
Eyesan also assured participants that material clarifications would be communicated to all bidders to prevent any participant from gaining an unfair advantage.
“And every material clarification will be shared with all participants. No bidder will know what others do not,” she stated.
The NUPRC said full details of the available blocks, qualification requirements and participation procedures would be published on its website and dedicated licensing portal.
Eyesan urged both Nigerian and international investors to participate, saying the Commission’s objective was to make Nigeria a more competitive and predictable destination for upstream petroleum investment.
“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 said.
The 2026 licensing round comes as the Federal Government seeks to attract fresh capital into the upstream sector, raise crude oil and condensate output, expand gas reserves and ensure that awarded petroleum acreage translates into actual exploration, development and production.
