Commission says latest bid round will target investors across land, shallow-water and deepwater terrains….
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has opened the 2026 oil and gas licensing round, putting 40 blocks across the country’s land, shallow-water and deepwater terrains up for investment.
The announcement was made on Wednesday by the NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, during the commission’s 55th anniversary celebration in Abuja.
Eyesan said the latest licensing exercise had received the approval of President Bola Tinubu and the Minister of Petroleum Resources, describing it as another opportunity to attract investors with the capacity and commitment to develop 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 Tinubu, and the Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby launched,” she said.
According to the NUPRC chief, the 40 blocks are open to investors with the required technical expertise, financial strength and willingness to commit to the development of Nigeria’s oil and gas assets.
The announcement comes shortly after the conclusion of the 2025 licensing round, which the commission said generated strong interest from both domestic and international investors.
Eyesan disclosed that 143 companies submitted a combined 200 bids during the 2025 exercise, with 31 companies eventually emerging as successful bidders for 37 blocks.
Beyond the number of bids received, the commission said the exercise pointed to a growing appetite for exploration in areas outside Nigeria’s traditional oil-producing heartland.
According to Eyesan, frontier basins including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted investor interest during the process, signalling a broader search for new petroleum opportunities across the country.
The blocks offered in the 2025 round are projected to significantly increase Nigeria’s reserve base and production capacity.
Eyesan said the assets could add about 500 million barrels to the country’s reserves and are expected to contribute at least 300 million barrels per day of crude oil and condensates within the next five years.
The projects are also projected to add about 20 trillion cubic feet of gas reserves and 20 billion standard cubic feet of gas per day, supporting the Federal Government’s drive to expand gas production under its “decade of gas” agenda.
The NUPRC CEO said the commission’s latest licensing exercise also builds on a series of bid rounds conducted since its establishment.
She noted that the commission has so far conducted three licensing exercises the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round.
Together, the exercises have resulted in the award of 57 Petroleum Prospecting Licences, according to the commission.
With the 2026 round now underway, attention will turn to the response from local and international investors and the extent to which the new offering can unlock additional exploration, reserves and production across Nigeria’s petroleum basins.
