FG opens bid for 40 oil blocks, mandates beneficial owners’ disclosure
The federal government through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of bidding for the 2026 oil licensing round. The Commission’s Chief Executive Officer, Oritsemeyiwa Eyesan, who announced the licensing round during her closing remarks at the fifth anniversary celebration of the NUPRC yesterday, said 40 blocks across land, shallow water […]
The Nigerian federal government, via the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has initiated the bidding process for 40 oil blocks in the upcoming 2026 licensing round. NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced this during her closing remarks at the commission's fifth-anniversary celebration.
These blocks span land, shallow water, and deepwater terrains and are open to investors with the requisite technical expertise, financial resources, and commitment to develop Nigeria's petroleum resources. Bidders will be required to disclose their beneficial owners, and the evaluation methodology and results of the bidding process will be fully published.
The announcement follows the approval of President Bola Tinubu and the Minister of Petroleum Resources. This initiative aims to promote transparency and competition in the award of petroleum acreage, as outlined in the Petroleum Industry Act of 2021. The NUPRC, established under this act, has conducted three licensing exercises since its inception, resulting in the award of 57 Petroleum Prospecting Licences (PPL).
The commission is committed to enhancing the transparency and predictability of the 2026 licensing round, incorporating lessons learned from previous rounds and implementing NEITI's recommendations.
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