The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kicked off the 2026 Licensing Round. They are offering 40 oil and gas blocks to investors.
NUPRC's Chief Executive, Oritsemeyiwa Eyesan, made the announcement during the commission’s fifth anniversary ceremony in Abuja on Tuesday.
The event had the theme, “From Uncertainty to Stability: Unlocking the Next Phase of Investment.”
In a statement released on Wednesday, the commission quoted Mrs. Eyesan, saying the licensing round started after President Bola Tinubu approved it. He is also the Minister of Petroleum Resources.
“It is with great joy that I announce that, pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigeria 2026 Licensing Round is hereby formally launched,” she said.
She mentioned that the 2026 round offers 40 blocks across land, shallow water and deep water areas.
The blocks are open to investors who have the technical skill, financial strength and commitment to develop Nigeria’s petroleum resources.
Mrs. Eyesan said, based on recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI), the guidelines for the 2026 licensing round would detail the evaluation method, ensure better publication of results and require bidders to disclose their beneficial owners.
She added that the commission would soon put out information about the blocks available, qualification requirements and how to participate on its website and licensing round portal.
“So, I invite qualified Nigerian and international investors to come and compete. Bring your best ideas, your best partners and your best bids. May the best bids win,” she said.
This new licensing round comes less than three months after the commission finished its 2025 licensing round bidding process.
PREMIUM TIMES reported that 31 companies won bids for 37 oil and gas blocks in Nigeria’s 2025 Licensing Round after the commercial bid conference in Abuja in July.
The bidding process took place at the Transcorp Event Centre and saw 143 companies submit around 200 bids for 37 of the 50 oil and gas blocks offered by the NUPRC.
The blocks cover various areas, including the Niger Delta onshore, shallow water and deep offshore, as well as the Benin, Anambra and Chad basins and the Benue Trough.
While 37 blocks received bids, the other 13 did not attract any offers.
The NUPRC called the outcome significant. It was the first time Nigeria’s frontier basins, like the Benue Trough, Chad Basin, Anambra Basin and Benin Basin, saw such strong interest from investors.
When discussing how to boost oil production, Mrs. Eyesan said the NUPRC would make licensing more regular and predictable. They will also focus on actions that can quickly increase output.
“Our licensing will be regular and predictable. Our focus will be on what moves the numbers: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30 billion to $50 billion to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” she said.
She also said the upstream petroleum sector has changed a lot in the past five years. This change is due to the transparency and predictability brought by the Petroleum Industry Act (PIA) and executive orders from President Tinubu.
During the anniversary event, the NUPRC recognized former directors of the old Department of Petroleum Resources (DPR) and early leaders of the commission.
The commission also honored former leaders of the National Assembly who helped pass the PIA, including former Senate President Ahmad Lawan and former Speaker of the House of Representatives, Femi Gbajabiamila.
The NUPRC launched a special edition of its magazine, The Upstream Gaze, and a documentary about the commission’s five-year journey.
President Tinubu was represented at the event by Vice President Kashim Shettima. Nigeria’s OPEC Governor, Ademola Adeyemi-Bero, gave the anniversary lecture.
Others present included the Chairman of the Senate Committee on Gas, Agom Jarigbe; Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; Chairman of the NUPRC Board, Magnus Abe; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari; heads of government agencies and industry leaders.
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