NUPRC Opens 2026 Bid Round, Offers 40 Oil Blocks

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched the 2026 oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains, Commission Chief Executive Officer Oritsemeyiwa Eyesan announced at the regulator's fifth anniversary celebration in Abuja on Tuesday.

"Ladies and gentlemen, the wait is over. It is with great joy that I announce that pursuant to the approval of His Excellency, President Bola Ahmed Tinubu... the Nigerian 2026 Licensing Round is hereby announced," Eyesan said, adding that the round follows approval from President Tinubu and the Minister of Petroleum Resources.

She said the blocks are open to investors with the technical competence, financial capacity and commitment to develop Nigeria's petroleum resources.

"Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted," she said.

New rules require disclosure of beneficial owners

A key change from previous rounds is a requirement for every bidder to disclose its beneficial owners, the individuals who ultimately control or benefit from a company, alongside fuller publication of the evaluation methodology and results.

Eyesan explained that the changes incorporate recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI), whose review of the 2022-2024 licensing rounds found the process generally professional, transparent and inclusive, while flagging room for improvement in evaluation methodology, result disclosure, public access to bidding information and beneficial ownership transparency.

"The guidelines will also set out our evaluation methodology in full, provide for fuller publication of results and require disclosure of beneficial owners of every bidder, in keeping with NEITI's counsel," Eyesan said.

Previous round drew interest beyond the Niger Delta

The announcement follows the 2025 licensing round, in which 143 companies submitted 200 bids, with 31 companies winning 37 blocks.

Eyesan said that round marked a shift in investor interest beyond the traditional Niger Delta producing areas, with frontier basins including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin drawing bidders.

Since the Petroleum Industry Act (PIA) took effect in 2021, the NUPRC has conducted three licensing exercises, the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round, resulting in the award of 57 Petroleum Prospecting Licences.

Eyesan stated that the PIA replaced a discretionary system of awarding acreage with a competitive, rules-based one, a shift she described as central to the commission's mandate.

"Of all the reforms the PIA brought, none speaks more to who we are than this: in Nigeria, petroleum acreage is won, not given. It is no longer discretionary," she said.

Commission pledges to keep a published timetable

Eyesan disclosed that the commission will publish the bidding timetable at the outset and hold to it, pointing to the 2025 round as evidence the NUPRC can deliver on that commitment.

"In 2025, when we published, there was a lot of scepticism about whether we would meet the timeline. And we proved all our skeptics wrong. We were right on time, not one day late," she said, adding that investors need predictable dates to secure board approvals and mobilise funds.

"Investors must plan. Boards must approve. Funds must be mobilised. Every one of these decisions depends on dates that hold. We will certainly hold," she said.

The commission also plans to strengthen communication with bidders through its licensing website and portal, a virtual data room, webinars and a dedicated help desk, and said every material clarification will be shared with all participants to prevent any bidder gaining an advantage.

"No bidder will know what others do not," Eyesan said.

Round expected to boost both oil and gas output

The NUPRC said the 2026 round is designed to support Nigeria's production targets, with assets from previous licensing exercises, once developed, expected to add about 500 million barrels of reserves and at least 300,000 barrels per day of crude oil and condensate production within five years, a contribution Eyesan described as an important step toward the national target of 3 million barrels per day by 2030.

The assets are also expected to add about 20 trillion cubic feet of gas reserves and 50 million standard cubic feet of gas per day in production, supporting the Federal Government's Decade of Gas initiative.

Eyesan warned successful bidders that winning a licence carries an obligation to develop the asset.

"To those who will win, my message remains the same: Drill or Drop. A licence is a commitment to Nigeria, not a trophy on the wall," she said.

Full details of the blocks, qualification requirements and participation procedures will be published on the commission's website and dedicated licensing portal in the coming days.

Eyesan revealed that the eligibility criteria, bid parameters, evaluation criteria and conditions of award will be applied consistently so that every eligible investor, Nigerian or international, large or small, competes on a level playing field.

"I want Nigeria to win that contest. I want Nigeria to remain the destination of choice for hydrocarbon investments," she said.