The federal government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of bidding for the 2026 oil licensing round
The Commission’s Chief Executive Officer, Oritsemeyiwa Eyesan, who announced the licensing round during her closing remarks at the fifth anniversary celebration of the NUPRC yesterday, said 40 blocks across land, shallow water and deepwater terrains are up for grabs to investors
She said the new bidding guidelines would require the disclosure of the beneficial owners of every bidder, while the evaluation methodology and results of the exercise would be published more fully
Eyesan said the announcement followed the approval of President Bola Tinubu and the Minister of Petroleum Resources, adding that the blocks would be open to investors with the required technical competence, financial capacity and commitment to develop Nigeria’s petroleum resources
She spoke just as the Vice-President Kashim Shettima who represented President Bola Tinubu at the anniversary stated that Nigeria’s oil blocks are now being awarded through open and competitive processes, without connections before investors can own one
Daily Trust reports that NUPRC was established following the enactment of the Petroleum Industry Act in 2021 to regulate the upstream petroleum sector and oversee the administration of petroleum resources, including licensing, leases and field development
Eyesan said, “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 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 Nigerian 2026 Licensing Round is hereby announced.
“This round offers 40 blocks across land, shallow water and deepwater terrains I can see my IOC is already permutating. They are open to investors with the technical competence, financial capability and, above all, the commitment to develop Nigeria’s petroleum resources.
“We will not rest on our oars Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted.” The announcement came after the NUPRC concluded the 2025 licensing round, which attracted significant interest from local and international oil companies.
According to the NUPRC boss, 143 companies submitted 200 bids in the 2025 round, with 31 companies emerging as winners of 37 blocks
He said the exercise also marked a significant shift in investor interest beyond the traditional Niger Delta producing areas, as frontier basins including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted investors
Since the Petroleum Industry Act came into force in 2021, the commission said it had conducted three licensing exercises, the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round, resulting in the award of 57 Petroleum Prospecting Licences (PPL)
Eyesan said the commission was determined to make the 2026 exercise more transparent and predictable, stressing that the award of petroleum acreage should no longer be discretionary
“Five years ago, the Petroleum Industry Act 2021 gave birth to the Nigerian Upstream Regulatory Commission and placed in our hands a sacred trust to administer Nigeria’s petroleum resources for the benefit of all Nigerians
“Of all the reforms the PIA brought, none speaks more to who we are than this: in Nigeria, petroleum acreage is won, not given It is no longer discretionary. The PIA made transparent and competitive bidding the rules for the award of Petroleum Prospecting Licences and Petroleum Mining Leases. Clear rules have taken the place of discretion. We have honoured that reform.”
The NUPRC boss said the lessons from previous licensing rounds, including recommendations from the Nigeria Extractive Industries Transparency Initiative, would be incorporated into the 2026 process
She said NEITI’s review of the 2022–2024 licensing rounds found the process to be generally professional, transparent and inclusive, while also identifying areas for improvement in evaluation methodology, disclosure of results, public access to bidding information and beneficial ownership disclosure
Eyesan said the commission had accepted those recommendations and would implement them in the new round
The Vice-President in his remarks disclosed that one of his friends secured an upstream asset without using political connections
He said the development demonstrated the transparency of the reforms introduced into the upstream oil sector
“Acreages are now awarded through open and competitive bidding processes, and I can bear witness to this part A friend of mine with no connection whatsoever got awarded an upstream location through a fair and just process,” he said.
He also declared that the Federal Government remains determined to make Nigeria a destination of choice for long-term hydrocarbon investment, assuring investors that the terms were clear and that the government would continue to enforce compliance and accountability
Shettima said the PIA had ended years of uncertainty in the industry by establishing clearer rules for investors while giving host communities a greater stake in petroleum-producing areas
According to him, Nigeria has moved from a period when a significant portion of crude production was lost to theft and vandalism to a situation where output is becoming more stable
“Only a few years ago, our oil and gas fields were losing a large share of their output to theft and vandalism Today, through the joint effort of our security agencies, operations, host communities and the Commission, production is steady and stronger.
Shettima said the federal government was also working to address the high cost and lengthy contracting processes that had discouraged investment in the sector
He also warned that companies benefiting from government incentives would be expected to meet their commitments on work programmes, local content, environmental protection and host communities