NUPRC Launches Bidding for 40 Oil Blocks in Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the opening of bidding for 40 oil blocks as part of the 2026 oil licensing round. Oritsemeyiwa Eyesan, the Chief Executive Officer of NUPRC, made the announcement during her closing remarks at the Commission's fifth anniversary celebration.

The bidding process will require the disclosure of beneficial owners for each bidder, with evaluation methodologies and results to be published. This initiative follows the approval of President Bola Tinubu and the Minister of Petroleum Resources.

Vice-President Kashim Shettima, representing President Tinubu, stated that the awarding of oil blocks will now occur through open and competitive processes. The announcement follows a successful 2025 licensing round, which saw 143 companies submit 200 bids, resulting in 31 companies winning 37 blocks.

Since the enactment of the Petroleum Industry Act in 2021, NUPRC has conducted three licensing exercises, indicating a shift in investor interest beyond traditional oil-producing areas.