Nigeria's NUPRC Launches 2026 Licensing Round for Oil Growth

Nigeria is targeting an increase in crude oil production to three million barrels per day by 2030, surpassing the historical peak of approximately 2.5 million bpd reached in November 2005. The Nigerian Upstream Petroleum Regulatory Commission is spearheading this initiative through a 2026 licensing round that offers 40 oil and gas blocks across various terrains.

The government emphasizes the importance of protecting oil infrastructure, particularly pipelines in the Niger Delta, to mitigate losses from oil theft. Sunday Adebayo, a member of the governing board of the Nigerian Upstream Petroleum Regulatory Commission, noted that recent developments indicate progress towards higher production, including successful bid rounds.

Oritsemeyiwa Eyesan, Chief Executive of the Commission, confirmed that the 2026 licensing round was approved by President Bola Tinubu and the Minister of Petroleum Resources. Cooperation between host communities and oil companies is also highlighted as crucial for sustaining operations and attracting investment.