RismadarVoice Reporters
October 6, 2026
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has announced the offer of 40 oil blocks in its 2026 licensing round as the Federal Government moves to attract fresh investment into Nigeria’s upstream petroleum sector.
The blocks are spread across onshore, shallow-water and deepwater terrains and will be available to investors with the technical expertise, financial capacity and operational competence required to develop the assets.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round during the commission’s fifth anniversary celebration in Abuja.
Eyesan said the exercise had received the approval of President Bola Tinubu and the Minister of Petroleum Resources as part of efforts to expand investment opportunities and increase activity in the upstream oil and gas industry.
She said the commission would place greater emphasis on transparency throughout the bidding process, including requiring participating companies to disclose their beneficial owners.
The regulator also plans to provide clearer information on evaluation criteria and bidding outcomes to make the process more transparent and predictable for prospective investors.
“Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” Eyesan said.
According to her, Nigeria has conducted licensing exercises more regularly since the enactment of the Petroleum Industry Act, PIA.
She cited the 2020 Marginal Field Bid Round, the 2022/2023 Mini-Bid Round, as well as the 2024 and 2025 licensing rounds as part of efforts to unlock petroleum assets and attract capital into the industry.
Eyesan said the four exercises had collectively generated or were projected to attract about $103 billion in investments.
She added that entry costs were deliberately reduced during the 2024 and 2025 licensing exercises to broaden participation and improve Nigeria’s competitiveness in attracting upstream investment.
The 2026 licensing round is expected to provide another opportunity for local and international investors to acquire petroleum assets across different terrains while supporting the Federal Government’s drive to increase exploration, production and investment in the sector.
