The Federal Government has opened the 2026 Nigerian oil licensing round with 40 oil blocks available to investors. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the exercise on Tuesday in Abuja.
The blocks cover land, shallow water and deepwater areas. However, investors must show strong technical skills, financial capacity and a clear commitment to developing the assets. NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the round during the commission’s fifth anniversary celebration. She said President Bola Tinubu and the Minister of Petroleum Resources approved the exercise.
“Ladies and gentlemen, the wait is over,” Eyesan said.
She added that Nigeria wants investors who can develop its petroleum resources and create more value for the country.
NUPRC Promises More Transparency
NUPRC plans to make the 2026 bidding process more transparent and predictable. Under the new guidelines, every bidder must disclose its beneficial owners. The commission will also publish more details about its evaluation process and final results.
Eyesan said investors need clear rules before they commit huge funds to oil projects.
“Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she said.
To support bidders, NUPRC will publish the licensing timetable from the start. The commission will also provide access to its licensing portal, virtual data room and webinars.
A dedicated help desk will guide prospective investors through the process. NUPRC will share every important clarification with all participants to keep the competition fair.
2025 Licensing Round Attracted Strong Interest
The 2026 exercise follows the 2025 licensing round, which attracted major interest from local and international investors. NUPRC said 143 companies submitted 200 bids during the exercise. The process produced 31 successful companies and 37 awarded blocks.
Investors also looked beyond Nigeria’s traditional oil-producing areas. The Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted bids during the round. Since the Petroleum Industry Act took effect in 2021, NUPRC has conducted three licensing exercises. Those exercises have resulted in 57 Petroleum Prospecting Licences.
NUPRC Tells Winners: “Drill or Drop”
The commission expects the licensing exercises to boost Nigeria’s oil and gas production. Eyesan said the assets could add about 500 million barrels of reserves and at least 300,000 barrels of crude oil and condensate daily within five years.
She said the additions could help Nigeria move towards its target of three million barrels per day by 2030. The assets could also contribute about 20 trillion cubic feet of gas reserves and support the Federal Government’s Decade of Gas initiative.
However, Eyesan warned successful bidders against holding licences without developing their assets.
“To those who will win, my message remains the same: Drill or Drop,” she said.
“A licence is a commitment to Nigeria, not a trophy on the wall.”
NUPRC will publish the available blocks, qualification requirements and participation guidelines on its website and licensing portal in the coming days.
