The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has announced the 2026 oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains as it seeks to attract fresh investment into Nigeria’s upstream sector.
The announcement came as the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that Nigeria’s crude oil and condensate production had risen to 1.82 million barrels per day.
Lokpobiri, who spoke in Abuja on Tuesday, said the figure represented an increase of more than 80 per cent from the level recorded when the President Bola Tinubu administration assumed office in 2023.
He said the growth was supported by increased drilling activity, with more than 73 rigs currently active in the country.
Meanwhile, NUPRC Chief Executive, Oritsemeyiwa Eyesan, said the commission had approved 120 Field Development Plans since 2024, representing about $47.6 billion in capital commitments.
According to her, the projects are expected to add 1.74 million barrels of oil and 13.9 billion standard cubic feet of gas per day to Nigeria’s production capacity when fully developed.
Announcing the 2026 licensing round during the fifth anniversary celebration of the NUPRC in Abuja, Eyesan said the exercise followed approval from President Bola Tinubu and the Minister of Petroleum Resources.
She said the blocks would be open to investors with the required technical competence, financial capacity and commitment to develop Nigeria’s petroleum resources.
Eyesan said the new bidding guidelines would require investors to disclose the beneficial owners of every bidding company, while the evaluation methodology and results would be published more fully.
She said the commission would incorporate recommendations from the Nigeria Extractive Industries Transparency Initiative following its review of previous licensing rounds.
According to Eyesan, NEITI’s review of the 2022–2024 licensing rounds found the process generally professional, transparent and inclusive, while identifying areas for improvement, including evaluation methodology, publication of results, public access to bidding information and beneficial ownership disclosure.
The NUPRC boss said the commission would publish the bidding timetable at the outset and adhere to it, while providing prospective investors with access to its licensing website, portal, virtual data room, webinars and a dedicated help desk.
She also said all material clarifications provided to bidders would be shared with all participants to ensure a level playing field.
The announcement follows the conclusion of the 2025 licensing round, in which 143 companies submitted 200 bids, with 31 companies emerging as winners of 37 blocks.
Eyesan said the 2025 exercise also attracted investor interest to frontier basins outside the traditional Niger Delta producing areas, including the Anambra, Benue Trough, Chad and Benin basins.
She said previous licensing exercises since the Petroleum Industry Act came into force in 2021 had resulted in the award of 57 Petroleum Prospecting Licences.
The commission expects the assets awarded in previous rounds, subject to successful development, to contribute about 500 million barrels of reserves and at least 300,000 barrels per day of crude oil and condensate production within five years.
Eyesan said the expected additions would support Nigeria’s target of producing three million barrels per day by 2030, while the projects could also contribute about 20 trillion cubic feet of gas reserves.
She warned successful bidders that winning a licence would come with an obligation to develop the assets.
Drill or Drop. A licence is a commitment to Nigeria, not a trophy on the wall,” she said.
Eyesan said full details of the blocks, qualification requirements and participation procedures would be published on the commission’s website and dedicated licensing portal in the coming days.