Nigeria Opens 40 Oil Blocks for 2026 Licensing Round

Nigeria's petroleum regulator has commenced receiving bids for 40 oil blocks spanning onshore, shallow-water and deepwater areas as part of the 2026 licensing round. Unveiled this week in Abuja by the Nigerian Upstream Petroleum Regulatory Commission, the initiative welcomes both domestic and international investors who can demonstrate the financial strength and technical capacity necessary for resource development.

An earlier 2025/2026 round had seen 37 blocks awarded. President Bola Tinubu, who also holds the portfolio of Petroleum Resources Minister, has given his endorsement to this licensing round.

During the commission's fifth anniversary event on Tuesday, NUPRC chief executive Oritsemeyiwa Eyesan announced the initiative. She emphasized that the revised bidding framework mandates investors to disclose beneficial owners, while evaluation processes and findings will receive heightened public disclosure relative to prior exercises.

Vice President Kashim Shettima, attending in the president's stead, characterized the approach as evidence of progress toward more transparent asset distribution. He cited an instance where an upstream location was allocated to an investor without political ties, illustrating the transition to open competitive processes.

These modifications, anchored in the Petroleum Industry Act, aim to restore investor confidence in the sector. The timing reflects recovering crude output levels.

Government figures recently showed that crude oil and condensate reached 1.82 million barrels per day. The regulator positioned the licensing round as crucial for mobilizing additional billions toward upstream investment and maintaining the production recovery momentum.