By Obas Esiedesa, Abuja
ABUJA — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has unveiled 40 oil blocks for the 2026 licensing round as the Federal Government seeks to attract fresh investment into the upstream sector
The blocks, located across land, shallow water and deepwater terrains, will be open to investors with the technical competence, financial capacity and commitment to develop Nigeria’s petroleum resources
NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, announced the licensing round during her closing remarks at the commission’s fifth anniversary celebration in Abuja on Tuesday
She said the exercise followed approval by President Bola Tinubu and the Minister of Petroleum Resources
“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,” Eyesan said.
She said the round would offer 40 blocks across land, shallow water and deepwater terrains to investors with the requisite technical and financial capacity
Eyesan said the 2026 bid round would introduce enhanced transparency measures, including mandatory disclosure of the beneficial owners of every bidder
She added that the commission would provide greater disclosure of the evaluation methodology and results, stressing that transparency and predictability were essential to attracting upstream investment
According to her, competition for upstream capital had become increasingly intense as investors now had multiple jurisdictions from which to choose
“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,” she said.
Four bid rounds since PIA
Eyesan said licensing rounds were rare and widely spaced before the enactment of the Petroleum Industry Act, PIA
She noted that the commission had since conducted the 2020 Marginal Field Bid Round, the 2022/2023 Mini-Bid Round, the 2024 Licensing Round and the 2025 Licensing Round
According to her, the four exercises collectively account for about $103 billion in investments either spent or projected
Eyesan added that the commission deliberately reduced entry costs in the 2024 and 2025 licensing rounds to attract more bidders and broaden participation in the upstream sector