NUPRC Opens 40 Oil Blocks for 2026 Licensing Round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the opening of 40 oil blocks for investors as part of the 2026 licensing round, aiming to attract billions of dollars into Nigeria's oil and gas industry. NUPRC Chief Executive Oritsemeyiwa Eyesan stated that the blocks will be available to qualified investors with the necessary financial capacity and technical expertise.

This initiative follows a reported increase in Nigeria's crude oil and condensate output to 1.82 million barrels per day. The licensing round will introduce stricter transparency requirements, including the disclosure of beneficial owners by companies seeking to acquire the blocks.

The NUPRC plans to publish details about the blocks, qualification requirements, and application procedures on its website. This licensing round follows the 2025 exercise, which saw 143 companies submit 200 bids, resulting in 31 companies winning 37 blocks.

Since the Petroleum Act's implementation in 2021, the NUPRC has conducted three licensing exercises, awarding 57 Petroleum Prospecting Licences.