The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has launched its 2026 oil and gas licensing round, offering 40 blocks across onshore, shallow-water and deepwater terrains as Nigeria seeks to attract fresh investment and increase crude oil production.

The Commission Chief Executive, Oritsemeyiwa Eyesan, announced the licensing round at the NUPRC’s fifth-anniversary celebration in Abuja, where she outlined plans to restore shut-in production, advance major offshore projects and improve domestic gas supply.

Eyesan said the licensing round had received the approval of President Bola Tinubu, who also serves as Minister of Petroleum Resources.

The 40 blocks are open to Nigerian and international investors with the technical expertise, financial resources and commitment required to develop the country’s petroleum assets.

“It is with great joy that I announce that, pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigeria 2026 Licensing Round is hereby formally launched,” she said.

The launch signals another attempt by Nigeria to attract capital into its upstream petroleum industry, particularly as the government seeks to raise production, develop new reserves and expand indigenous participation in exploration and production.

NUPRC promises transparent bidding process

Eyesan said the 2026 licensing guidelines would incorporate transparency measures recommended by the Nigeria Extractive Industries Transparency Initiative (NEITI).

According to her, the guidelines will provide a detailed explanation of the evaluation methodology, improve the publication of bidding results and require disclosure of the beneficial owners of every bidding entity.

The measures are intended to strengthen accountability in the allocation of petroleum assets and provide investors with greater clarity on the rules governing the competition for blocks.

Eyesan said the commission would publish details of the available blocks, qualification criteria and participation procedures on its website and a dedicated licensing-round portal in the coming days.

“So, I invite qualified Nigerian and international investors to come and compete. Bring your best ideas, your best partners and your best bids. May the best bids win,” she said.

The disclosure requirements could also help clarify the ownership structures behind participating companies, an issue relevant to competition, corporate accountability and public confidence in the allocation of Nigeria’s petroleum resources.

Nigeria targets 788,000 bpd in shut-in production

Beyond attracting new investors, the NUPRC plans to focus on restoring existing production capacity and accelerating projects capable of delivering additional barrels to the market.

Eyesan identified more than 788,000 barrels per day of shut-in production across 63 operators as one of the immediate priorities for the commission.

Recovering a significant share of this capacity could support Nigeria’s efforts to increase crude oil output, improve export earnings and strengthen government revenue, although the volume that can be restored will depend on operational, technical, security and commercial constraints.

The commission also plans to accelerate offshore investments estimated at between $30 billion and $50 billion towards final investment decisions (FIDs).

An FID represents a critical commitment by project sponsors to proceed with a development after evaluating its commercial viability, financing and execution requirements. Moving major offshore projects to this stage could help establish a pipeline of future production, although actual output would depend on construction schedules and commissioning.

Eyesan also identified improved domestic gas delivery as a priority, saying the commission would work to raise supplies from about two-thirds of the domestic obligation to full delivery.

The target reflects the importance of reliable gas supplies to power generation, industrial production and other domestic consumers.

NUPRC credits petroleum reforms with improving investment conditions

Speaking on the commission’s five-year journey, Eyesan said Nigeria’s upstream petroleum industry had undergone significant changes following the Petroleum Industry Act (PIA) and executive orders issued by the Tinubu administration.

The anniversary theme, “From Uncertainty to Stability: Unlocking the Next Phase of Investment,” focused on the sector’s regulatory evolution and the need to translate reforms into increased investment and production.

The PIA established a new regulatory framework for Nigeria’s petroleum industry, including the NUPRC’s role in regulating upstream operations.

Eyesan said the commission would pursue regular and predictable licensing rounds as part of its efforts to improve the investment environment.

For investors, predictable licensing schedules, clear evaluation rules and transparent ownership disclosures can help reduce uncertainty when assessing exploration opportunities. However, the commercial success of the round will also depend on fiscal terms, access to financing, security, infrastructure and the ability to bring discoveries into production.

The 2026 round therefore presents an opportunity for Nigeria to test investor appetite for its petroleum resources while demonstrating the practical impact of its regulatory reforms.

Industry leaders attend NUPRC anniversary

The anniversary celebration was attended by President Tinubu, represented by Vice President Kashim Shettima, while Nigeria’s OPEC Governor, Ademola Adeyemi-Bero, delivered the anniversary lecture.

Other dignitaries included Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; Chairman of the NUPRC Board, Magnus Abe; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Bashir Ojulari; and Chairman of the Senate Committee on Gas, Senator Agom Jarigbe.

The commission also honoured former directors of the defunct Department of Petroleum Resources and members of the National Assembly who played roles in the passage of the Petroleum Industry Act. Those recognised included former Senate President Ahmad Lawan and former Speaker of the House of Representatives Femi Gbajabiamila.

The NUPRC unveiled a special anniversary edition of its in-house magazine, The Upstream Gaze, alongside a documentary chronicling the commission’s activities over the past five years.

As the licensing process advances, investors will be watching for the publication of the block list, qualification requirements, bidding timetable and evaluation procedures. These details will help determine the opportunities available to prospective bidders and the extent to which the new round can translate into fresh investment, addition