{
  "id": 12564556,
  "title": "Nigeria Offers 40 Oil Blocks in New Licensing Round",
  "url": "https://urgent.news/2026/10/07/nigeria-offers-40-oil-blocks-in-new-licensing-round",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-07T05:44:46.000Z",
  "source": {
    "name": "The Rio Times",
    "slug": "the-rio-times",
    "url": "https://www.riotimesonline.com/nigeria-offers-40-oil-blocks-licensing-round-2026/"
  },
  "original_language": "en",
  "account": "Nigeria has launched its 2026 oil licensing round, offering 40 blocks across land, shallow water, and deepwater regions. The upstream oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the round in Abuja on October 6. This licensing round is a test for US investors, as it determines if Nigeria, one of Africa's largest oil producers, can openly distribute acreage while increasing output. Every bidder must disclose their beneficial owners, the real people behind each company. The NUPRC licenses and supervises oil and gas exploration and production, created in 2021 by the Petroleum Industry Act. NUPRC Chief Executive Oritsemeyiwa Eyesan made the announcement, citing President Bola Tinubu's approval. The blocks are open to investors with technical competence, financial capability, and a commitment to development. Full details, qualification rules, and procedures will be available on the commission's website and licensing portal soon. The NUPRC also promises a virtual data room, webinars, and a help desk for bidders. The regulator has accepted recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI) to improve transparency. Vice-President Kashim Shettima, representing Tinubu, noted that oil blocks are now won through open bidding. Nigeria's crude oil and condensate output had reached 1.82 million barrels a day, with over 73 drilling rigs active. The commission has approved 120 field development plans since 2024, valued at about $47.6 billion in capital commitments. The 2025 round attracted 200 bids from 143 companies, and the commission called this level of interest a first in the country's history.",
  "summary": "Nigeria has put 40 oil and gas blocks up for bidding and will make every bidder name its real owners, a test of reforms watched by US oil investors. The post Nigeria Offers 40 Oil Blocks in New Licensing Round appeared first on The Rio Times .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}