19 NIGERIAN OIL LICENCES FACE EXPIRY AS GOVERNMENT TARGETS FRESH UPSTREAM INVESTMENT

No fewer than 19 oil licences in Nigeria’s upstream petroleum sector are scheduled to expire in 2026, according to the latest report from the Nigerian Upstream Petroleum Regulatory Commission. The development comes as the Federal Government seeks to attract fresh investment, increase crude oil production and bring idle petroleum assets back into active operation.

The NUPRC’s Nigerian Upstream Concession Situation Report, released in August 2026, covers petroleum exploration and production concessions across the country. The report indicates that the affected licences consist of 12 Petroleum Prospecting Licences and seven Oil Prospecting Licences whose stated tenure dates fall within the year.

The expiration of the licences is coming at a time when Nigeria is placing greater emphasis on developing its upstream oil and gas sector. The Federal Government and the NUPRC have been working to encourage investment in oil assets, improve production and ensure that petroleum resources that have remained inactive are properly developed.

The report also showed that three oil licences had expiry dates in 2025, while a number of other concessions are expected to reach their expiry dates in 2027. Some of the affected assets may be subject to regulatory processes such as extension or conversion, depending on the circumstances surrounding each licence.

The development is significant for Nigeria, whose economy remains heavily dependent on the petroleum sector for government revenue and foreign exchange earnings. The authorities are therefore under pressure to ensure that valuable oil assets do not remain dormant and that existing opportunities are converted into increased production and investment.

The latest figures also come against the backdrop of the Federal Government’s renewed push to attract investors into the upstream sector. Through its licensing activities and its “drill or drop” policy, the government is seeking to encourage operators to develop awarded assets or risk losing them.

With the expiry dates approaching, attention is expected to focus on how the affected licences will be handled by regulators and operators. The outcome could have implications for investment, oil production and Nigeria’s broader efforts to strengthen its position in the global energy market.