FG opens 2026 oil licensing round, offers 40 blocks to investors

The Federal Government has initiated the 2026 oil and gas licensing round, inviting 40 blocks to be developed by both local and foreign investors. This decision was announced by Mrs Oritsemeyiwa Eyesan, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the commission’s fifth anniversary in Abuja, as reported by the News Agency of Nigeria (NAN).

President Bola Tinubu, who also serves as Minister of Petroleum Resources, has endorsed the licensing round, aiming to attract capital into Nigeria’s upstream oil and gas sector. The 2026 round is open to investors who demonstrate the necessary technical competence, financial strength, and commitment to develop Nigeria’s petroleum resources.

To ensure transparency, the process will include measures to strengthen transparency and assist Nigeria in competing for investment in a competitive global market. Participating investors will be required to disclose their beneficial owners, and the commission will publish the full evaluation results of the bidding process. Eyesan also highlighted the benefits of presidential directives, which have shortened contracting cycles and provided investors with greater fiscal certainty.

This licensing round offers 40 blocks spread across land, shallow water, and deepwater terrains, providing opportunities for investors with the required technical and financial capabilities. The new round follows the 2025 process, which awarded 37 oil and gas blocks to 31 companies after a competitive bidding exercise. These blocks included frontier areas like the Benue Trough, Chad Basin, and Anambra Basin, showcasing the broader geographic scope of Nigeria’s upstream licensing program.