The Federal Government has inaugurated the 2026 oil and gas licensing round, offering 40 blocks across land, shallow water and deepwater terrains to local and foreign investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, announced the round in Abuja during the commission’s fifth anniversary.
Eyesan said the licensing round had the approval of President Bola Tinubu, who is also Minister of Petroleum Resources.
She said investors participating in the bidding process would be required to disclose their beneficial owners, while the commission would publish the full evaluation results.
“The measures are meant to help Nigeria compete for capital in a tightening global market,” she said.
Eyesan said the blocks were open to investors with the technical competence, financial strength and commitment to develop the country’s petroleum resources.
“Competition for upstream capital is fierce. Investors go where rules are clear, processes are predictable and data can be trusted,” she said.
She also credited presidential directives with shortening contracting cycles and providing investors with greater fiscal certainty.
A licensing round is a formal process through which a government or regulator offers oil and gas assets or blocks to companies for exploration and production.
Qualified companies bid for available blocks by submitting technical and financial proposals and competing based on criteria set by the regulator.
Successful bidders are selected and awarded rights to develop the blocks, subject to regulatory and contractual requirements.
