FG LAUNCHES 2026 OIL LICENSING ROUND, PUTS 40 BLOCKS UP FOR BIDDING
E-ISSN: 2354-4481
By Jacobs Nene
ABUJA, ABUJA FCT, NIGERIA — The Federal Government has commenced the 2026 oil licensing round, offering 40 petroleum blocks across land, shallow water and deepwater terrains to qualified investors.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Officer, Oritsemeyiwa Eyesan, announced the commencement of the licensing exercise on Tuesday in Abuja during the commission’s fifth anniversary celebration.
Eyesan said the round followed approvals granted by President Bola Tinubu and the Minister of Petroleum Resources, adding that the available blocks were open to investors with the required technical expertise, financial capacity and commitment to developing Nigeria’s petroleum resources.
She said the commission had introduced measures aimed at making the licensing process more transparent, predictable and competitive.
According to her, the new guidelines require prospective bidders to disclose their beneficial owners, while the evaluation methodology and results will be published more comprehensively.
Eyesan said the reforms were informed by lessons from previous licensing exercises and recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI).
She noted that NEITI had assessed the 2022–2024 licensing processes as generally professional, transparent and inclusive, while also identifying areas where improvements were required.
The NUPRC boss said the commission would publish the bidding timetable at the beginning of the process and ensure that all material clarifications were communicated to every participant.
She said the approach was designed to prevent any bidder from receiving information that could give it an unfair advantage over other participants.
The 2025 licensing round attracted 200 bids from 143 companies, with 31 companies emerging successful bidders for 37 blocks.
Eyesan also disclosed that investors had demonstrated growing interest in frontier exploration areas, including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin.
She said the three licensing exercises conducted since the Petroleum Industry Act came into force in 2021 had resulted in the award of 57 Petroleum Prospecting Licences.
According to her, the 2026 licensing round is expected to contribute to efforts to increase Nigeria’s crude oil and condensate production while expanding the country’s gas reserves.
Eyesan said assets awarded in previous licensing rounds, if successfully developed, were projected to add about 500 million barrels to Nigeria’s reserves and at least 300,000 barrels per day of crude oil and condensate production within five years.
She added that the assets were also expected to contribute about 20 trillion cubic feet of gas reserves and 50 million standard cubic feet of gas per day, supporting the Federal Government’s Decade of Gas initiative.
Eyesan warned successful bidders that obtaining a petroleum licence would carry a corresponding obligation to develop the awarded assets.
“Drill or Drop. A licence is a commitment to Nigeria, not a trophy on the wall,” she said.
The NUPRC said detailed information on the 40 blocks, qualification requirements and participation procedures would be published on its website and dedicated licensing portal in the coming days.
The commission said prospective investors would also have access to its virtual data room, webinars and a dedicated help desk to support participation in the licensing process.
