The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the 2026 licensing round, opening 40 oil blocks to investors across land, shallow water, and deepwater terrains. The move is part of the Federal Government's strategy to attract fresh investment into the country's oil and gas industry.
NUPRC Chief Executive Oritsemeyiwa Eyesan said the 40 blocks would be available to qualified investors as the government seeks to unlock more investment in the upstream sector. The licensing round was approved by President Bola Tinubu and the Minister of Petroleum Resources.
Production Rises to 1.82 Million Barrels Per Day
The development comes as Nigeria's oil production continues to recover. The government reported a rise in crude oil and condensate output to 1.82 million barrels per day. Additionally, 120 approved development plans represent about $47.6 billion in investments, according to the NUPRC.
Eyesan said prospective investors would have to demonstrate technical competence, financial capability, and commitment required to develop Nigeria's petroleum resources. The commission is also introducing stricter transparency requirements for the exercise.
Transparency and Beneficial Ownership Disclosure
Under the new bidding guidelines, companies seeking to acquire the oil blocks will be required to disclose their beneficial owners. The NUPRC also plans to provide greater details about its evaluation methodology and publish the results of the licensing process.
Eyesan said the commission wants to make the process more transparent and predictable, stressing that the allocation of petroleum acreage should no longer be discretionary.
2025 Licensing Round Attracted 200 Bids
The latest licensing round follows the strong interest recorded during the 2025 exercise. According to Eyesan, 143 companies submitted 200 bids during the 2025 licensing round, with 31 companies emerging as winners of 37 blocks.
The commission also reported increased investor interest in frontier basins outside Nigeria's traditional Niger Delta oil-producing areas. The Anambra Basin, Benue Trough, Chad Basin, and Benin Basin were among the frontier areas that attracted investor attention.
Petroleum Industry Act Impact and Future Steps
Since the Petroleum Industry Act came into force in 2021, the NUPRC has conducted three licensing exercises — the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round, and the 2025 Nigerian Licensing Round. These exercises have resulted in the award of 57 Petroleum Prospecting Licences.
The NUPRC said full details of the 40 blocks, qualification requirements, and application procedures for the 2026 licensing round would be published on its website and dedicated licensing portal.
