KEY POINTS
- NUPRC has offered 40 oil blocks in its 2026 licensing round.
- The blocks cover land, shallow water and deepwater terrains.
- NUPRC says stronger transparency and disclosure rules will guide the process.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has opened 40 oil blocks for its 2026 licensing round as the Federal Government steps up efforts to attract new investment into Nigeria’s upstream oil and gas industry.
The blocks span land, shallow-water and deepwater terrains, giving investors opportunities across different areas of Nigeria’s petroleum-producing landscape.
NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round during the commission’s fifth anniversary celebration in Abuja on Tuesday.
She said the exercise had received approval from President Bola Tinubu and the Minister of Petroleum Resources, marking another major step in the government’s effort to increase exploration and development activity in the sector.
The commission said the 40 blocks will be available to investors that can demonstrate the required technical expertise, financial strength and commitment to developing the assets.
The latest licensing exercise is expected to provide fresh opportunities for local and international oil companies at a time when competition for upstream investment is intensifying globally.
Eyesan said investors now have more jurisdictions to choose from, making it increasingly important for Nigeria to provide a predictable regulatory environment and reliable geological data.
“Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she said.
Her comments underline the growing competition among oil-producing countries to attract capital for exploration, production and new field development.
NUPRC promises more transparency
A major feature of the 2026 bid round will be stronger transparency requirements.
The commission said every bidder will be required to disclose its beneficial owners, providing greater clarity about the individuals or entities ultimately behind participating companies.
NUPRC also plans to disclose more information about how bids will be evaluated and publish the results of the evaluation process.
The commission said the measures are designed to make the licensing process more transparent and predictable, while improving investor confidence in Nigeria’s upstream sector.
The move comes as the government seeks to position the country’s oil industry as a more competitive destination for long-term capital.
Eyesan noted that licensing rounds were previously conducted infrequently before the Petroleum Industry Act (PIA) changed the regulatory framework for the sector.
Since the PIA came into effect, NUPRC has conducted four major licensing exercises: the 2020 Marginal Field Bid Round, the 2022/2023 Mini-Bid Round, the 2024 Licensing Round and the 2025 Licensing Round.
According to the commission, the four exercises collectively represent about $103 billion in investments that have either been made or are projected.
