Nigeria Opens 40 Oil Blocks to Bidders, Targets 788,000 bpd in Shut-In Production
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched the Nigeria 2026 Licensing Round, offering 40 oil and gas blocks across onshore, shallow water and deep water terrains to local and international investors.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, made the announcement in Abuja on Tuesday at the NUPRC’s 5th anniversary ceremony, according to a statement on Wednesday.
“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,” Eyesan said.
She added that the blocks “are open to investors with the technical competence, the financial capacity and, above all, the commitment to develop Nigeria’s petroleum resources.”
Eyesan said the round would follow the advice of the Nigeria Extractive Industries Transparency Initiative (NEITI). Its guidelines will set out the full evaluation methodology, publish results in more detail and require every bidder to disclose its beneficial owners
In the coming days, she said, the Commission will post full details of the blocks, the qualification requirements and the steps for taking part on its website and on a 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.
Looking back on the commission’s first five years, Eyesan said the upstream sector had changed for the better. She credited the transparency and predictability brought by the Petroleum Industry Act (PIA), along with executive orders issued by President Tinubu.
“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.
