Tinubu Approves New Oil Licensing Round for 2026

President Bola Tinubu has approved the commencement of a new oil and gas licensing round for 2026, with the aim of increasing investment and providing fresh opportunities for investors. This decision was announced during a conference in Abuja, where Heineken Lokpobiri, the Minister of State for Petroleum Resources, and Oritsemeiyiwa Eyesan, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, addressed ongoing commercial bidding for the 2025 licensing round.

The 2026 round is set to follow the current exercise, which is Nigeria's third consecutive competitive bidding round in recent years. Lokpobiri emphasized that the government remains committed to a transparent and competitive licensing process, encouraging companies to prepare for the next round.

He also noted that the Petroleum Industry Act fundamentally changes the allocation process for oil blocks, eliminating discretionary awards. The 2025 licensing round was announced on November 11, 2025, under the Petroleum Industry Act of 2021, offering 50 oil and gas blocks.