FG OPENS 2026 OIL LICENSING ROUND WITH 40 BLOCKS

The Federal Government has opened the 2026 oil licensing round, offering 40 blocks across land, shallow-water and deepwater terrains as Nigeria seeks to attract fresh investment into the upstream petroleum sector.

The Nigerian Upstream Petroleum Regulatory Commission announced the round following approval from President Bola Tinubu and the Minister of Petroleum Resources.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria’s crude oil and condensate production had risen to 1.82 million barrels per day, supported by increased drilling activity.

The NUPRC said more than 73 rigs were currently active, while 120 Field Development Plans approved since 2024 represented about $47.6bn in capital commitments.

The commission said the new licensing process would require bidders to disclose their beneficial owners. It will also publish its evaluation methodology and results more fully to improve transparency.

The 2026 round follows the 2025 exercise, in which 143 companies submitted 200 bids and 31 companies emerged as winners of 37 blocks.

NUPRC Chief Executive, Oritsemeyiwa Eyesan, said the commission would publish the bidding timetable and provide investors with access to technical data, a virtual data room and a dedicated help desk.

She said the regulator expected the process to attract investment while ensuring successful bidders develop the assets rather than simply hold the licences.