Uche Cecil Izuora
Nigeria’s frontier basin is now a major attraction to oil exploration Companies as the country opens new field opportunities to interested domestic and foreign investors.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is targeting the recovery of more than 788,000 barrels of crude oil per day from shut-in production, while pushing to attract between $30bn and $50bn into offshore projects.
The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this while speaking at the annual conference of the Association of Energy Correspondents of Nigeria in Lagos on Thursday.
Eyesan disclosed that the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted serious investor interest for the first time, stressing that the development showed that investors were looking beyond the Niger Delta.
“For the first time in our history, our frontier basins, the Anambra Basin, the Benue Trough, the Chad Basin and the Benin Basin, attracted serious investor interest. That tells me the world is looking at the whole of Nigeria, not only the Niger Delta,” she noted.
She stressed that the assets offered in the 2025 licensing round could, subject to successful development, add about 500 million barrels to Nigeria’s crude oil reserves and contribute at least 300,000bpd of crude oil and condensate within five years.
She added that the assets were also expected to increase Nigeria’s gas reserves by 20 trillion cubic feet and gas production by 500 million standard cubic feet per day.
“They are also expected to add 20 trillion cubic feet of gas reserves and 500 million standard cubic feet per day of gas production, in support of the Decade of Gas.”
On the conduct of licensing rounds, Eyesan said the Commission would make its award processes more consistent and predictable, while ensuring that investors had access to comprehensive technical data.
“So, we will make our award processes more consistent and more predictable. And we will put comprehensive, current and investment-ready technical data in the hands of bidders, so that they can evaluate with confidence and bid competitively.”
According to her, 2026 licensing round guidelines would specify the eligibility requirements, bid parameters, evaluation criteria and conditions of award.
“The Nigeria 2026 Licensing Round Guidelines will clearly set out the eligibility requirements, bid parameters, evaluation criteria and conditions of award. They will be applied consistently, so that every eligible investor, large or small, Nigerian or international, competes on a level playing field.”
Eyesan further said the Commission would widen communication channels with participants through the licensing round portal, virtual data room, webinars and a dedicated help desk.
“Every enquiry will receive a timely response, and every material clarification will be shared with all participants. No bidder will know what others do not.”
She said more information on the 2026 licensing round would be released in the coming days, adding that the Commission had learnt from the challenges of previous rounds.
“In the coming days, the Commission will be releasing more information on its 2026 Licensing Round. Having learnt from challenges of the past, the 2026 licensing round promises to be even better,” she promised.
The NUPRC chief executive urged journalists to support efforts to attract investment into the petroleum industry, noting that media reports could influence investors’ perception of the country.
“But these targets can hardly be met without the full cooperation of stakeholders, which includes the mass media. As journalists, your reportage could either attract investments into Nigeria or discourage the same. To this extent, the NUPRC craves your support as we continue this journey of nation building,” she submitted.
Eyesan said the 788,000 barrels per day of shut-in production had been identified across 63 operators, adding that the commission was also working to move offshore projects valued at between $30bn and $50bn to final investment decisions.
“Our key priority is simple: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30bn to $50bn to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” she said.
The NUPRC boss also said the commission had been accelerating its approval processes, noting that 77 wells had been successfully re-entered while 128 wells were approved for drilling in 2026.
“Besides licensing rounds, the commission is accelerating its approval processes. This year alone, at least 77 wells have been successfully re-entered while 128 wells were approved for drilling,” she disclosed.
She added that the measures were part of efforts to deepen investment, increase crude oil production and expand government revenue from the petroleum sector.
According to Eyesan, the NUPRC had launched the 2026 licensing round, with 40 assets put on offer, following previous rounds conducted in 2022/2023, 2024 and 2025. The intention, she said, was to deepen exploration, create jobs, increase production and expand revenue.
The NUPRC boss said the commission had been reviewing investment barriers in the petroleum sector with the approval of President Bola Tinubu, including reducing signature bonuses and providing seismic data to de-risk investments.
“At the last licensing round, 50 oil and gas blocks were put on offer, out of which nearly 300 companies signified interest.
Eventually, 37 of these assets were taken, including acreages in frontier basins,” she recalled.
Chairman of the NAEC, Ugochukwu Amadi, said funding constraints, high entry costs and lengthy approvals were limiting indigenous players’ access to oil and gas assets.
He said the conference theme reflected the need to address access to acreage, finance, infrastructure, reliable data, power and markets.
“Access is at the heart of Nigeria’s energy challenge. Access to acreage, access to finance, access to infrastructure, access to reliable data, access to power and access to markets. Until we dismantle these barriers, we cannot unlock the growth we seek,” Amadi maintained.
Amadi also said liquidity constraints among DisCos, low collection efficiency, estimated billing and grid disturbances remained the major challenges in the power sector.
However, he said, “Distribution companies remain liquidity-constrained, collection efficiency is low, and estimated billing persists. Grid disturbances continue to expose transmission fragility. Over 90 million Nigerians still lack reliable electricity, forcing households and industries to rely on expensive self-generation.