The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the 2026 Licensing Round, offering 40 oil and gas blocks to investors.
The NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round at the commission’s fifth anniversary ceremony in Abuja on Tuesday.
|
|
The event was themed, “From Uncertainty to Stability: Unlocking the Next Phase of Investment.”
In a statement issued on Wednesday, the commission quoted Mrs Eyesan as saying the licensing round was launched following the approval of President Bola Tinubu, who 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.
According to her, the 2026 round offers 40 blocks across land, shallow water and deep water terrains.
She said the blocks are open to investors with the technical competence, financial capacity and commitment required to develop Nigeria’s petroleum resources.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
Mrs Eyesan said, in line with recommendations by the Nigeria Extractive Industries Transparency Initiative (NEITI), the guidelines for the 2026 licensing round would provide details of the evaluation methodology, ensure fuller publication of results and require the disclosure of the beneficial owners of all bidders.
She said the commission would, in the coming days, publish details of the blocks on offer, qualification requirements and procedures for participation on its website and dedicated 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.
2025 licensing round
The announcement of the new licensing round comes less than three months after the commission concluded its 2025 licensing round bidding programme.
PREMIUM TIMES reported that 31 companies emerged winners of 37 oil and gas blocks in Nigeria’s 2025 Licensing Round following the conclusion of the commercial bid conference held in Abuja in July.
The bidding process, held at the Transcorp Event Centre, attracted 143 companies, which submitted about 200 bids for 37 of the 50 oil and gas blocks offered by the NUPRC.
The blocks span multiple terrains, including the Niger Delta onshore, shallow water and deep offshore areas, as well as the Benin, Anambra and Chad basins and the Benue Trough.
While 37 blocks received bids, the remaining 13 attracted no offers.
The NUPRC described the outcome as significant, noting that it was the first time Nigeria’s frontier basins, including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin, had attracted such strong investor interest.
Production target
Speaking on the commission’s plans to increase oil production, Mrs Eyesan said the NUPRC would make licensing more regular and predictable while focusing on measures that could immediately 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 had undergone significant changes over the past five years, driven by the transparency and predictability introduced by the Petroleum Industry Act (PIA) and executive orders issued by President Tinubu.
At the anniversary event, the NUPRC honoured former directors of the defunct Department of Petroleum Resources (DPR), as well as pioneer leaders of the commission.
The commission also honoured former leaders of the National Assembly who played key roles in the passage of the PIA, including former Senate President Ahmad Lawan and former Speaker of the House of Representatives, Femi Gbajabiamila.
READ ALSO: INVESTIGATION: NUPRC fails to enforce Nigeria’s anti-flaring law as methane emissions go unchecked (2)
The NUPRC unveiled a special edition of its in-house magazine, The Upstream Gaze, and a documentary chronicling the commission’s five-year journey.
President Tinubu was represented at the event by Vice President Kashim Shettima, while Nigeria’s OPEC Governor, Ademola Adeyemi-Bero, delivered the anniversary lecture.
Others in attendance 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 captains of industry.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
![Donald Duke, presidential candidate of the Peoples Redemption Party (PRP) [PHOTO CREDIT: Donald Duke]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2026/06/242048148_406318167517349_5478599039011014958_n-e1782035071514.jpg?fit=960%2C541&ssl=1)
