Nigeria's NUPRC to Launch New Oil Licensing Round in 2026

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Chief Executive Mrs Oritsemeyiwa Eyesan, is set to launch a new oil licensing round in early October 2026. This round will include 13 unlicensed blocks returned from a previous bidding process.

The initiative is part of the NUPRC's strategy to revive Nigeria's declining crude oil production and attract new investments into the upstream sector. Eyesan stated that the Commission aims to conduct at least one licensing round annually, targeting between $30 billion and $50 billion in new investments across 22 deepwater projects by 2030.

The upcoming round will focus on developing indigenous operators, as international oil majors have exited parts of Nigeria's onshore operations. The NUPRC has seen an increase in licensing activity since the Petroleum Industry Act (PIA), with expectations that newly awarded concessions could boost oil production by approximately 300,000 barrels per day within three years, with further rounds potentially adding an additional 300,000 to 600,000 barrels per day.