Tunde Bakare
Indigenous and international oil companies are set to bid for oil blocks being offered by Nigeria in a new licensing round announced by the Government.
The Country has launched its 2026 oil and gas licensing round, offering 40 blocks spanning onshore, shallow-water and deepwater areas as the country seeks new investment and higher production.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Oritsemeyiwa Eyesan announced the round following approval from President Bola Tinubu, with Nigerian and international investors eligible to compete for the acreage.
“The round offers 40 blocks across land, shallow water and deep water terrains. They are open to investors with the technical competence, the financial capacity and, above all, the commitment to develop Nigeria’s petroleum resources,” Eyesan said.
The regulator plans to publish details of the blocks, qualification requirements and participation procedures in the coming days.
Guidelines for the round will set out the evaluation methodology, provide for fuller publication of results and require bidders to disclose their beneficial owners.
The licensing round forms part of broader efforts to raise Nigerian oil and gas production, including restoring more than 788,000 barrels per day of shut-in production identified across 63 operators.
NUPRC is also targeting progress towards final investment decisions on offshore projects valued at an estimated $30 billion to $50 billion and plans to increase domestic gas deliveries from about two-thirds of the domestic obligation to full delivery.
“Our licensing will be regular and predictable. Our focus will be on what moves the numbers: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30 billion to $50 billion to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” Eyesan added.
In the latest round, 40 oil and gas blocks spanning land, shallow water and deepwater terrains will be offered. A detailed list and participation criteria will be published on a dedicated licensing-round portal and the website of the NUPRC.
Eyesan, said on Tuesday that the 2026 round will include the mandatory disclosure of beneficial owners of all bidding companies, fuller publication of evaluation methodology, greater disclosure of bidding results and additional transparency measures to improve investor confidence.
Nigeria is competing for global upstream capital and attempting to revive oil output, which has for years been constrained by underinvestment, theft and operational challenges.
Eyesan said Nigeria’s immediate priorities include restoring about 788,000 barrels per day of shut-in production identified across 63 operators, advancing offshore projects valued at between $30 billion and $50 billion towards final investment decisions and increasing domestic gas supply