The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission, has announced the 2026 oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains as the Federal Government intensifies efforts to attract fresh investment into the upstream sector.
This came as the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced that Nigeria’s crude oil and condensate production has risen to 1.82 million barrels per day, representing an increase of more than 80 per cent from the level recorded when the President Bola Tinubu-led administration assumed office in 2023.
The minister disclosed this on Tuesday in Abuja, quoting data submitted to his office on Monday, adding that the increase was being supported by a sharp rise in drilling activity, with more than 73 rigs now active in the country.
The production growth came as the NUPRC revealed that it had approved 120 oil and gas Field Development Plans since 2024, representing about $47.6bn in capital commitments.
The projects, according to the Commission’s Chief Executive, Oritsemeyiwa Eyesan, are expected to add 1.74 million barrels of oil and 13.9 billion standard cubic feet of gas per day to Nigeria’s production capacity when fully developed.
On oil blocks, the commission also said the new bidding guidelines would require the disclosure of the beneficial owners of every bidder, while the evaluation methodology and results of the exercise would be published more fully.
Eyesan announced the licensing round during her closing remarks at the fifth anniversary celebration of the NUPRC in Abuja on Tuesday.
She said the announcement followed the approval of President Bola Tinubu and the Minister of Petroleum Resources, adding that the blocks would be open to investors with the required technical competence, financial capacity and commitment to develop Nigeria’s petroleum resources.
“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 Tinubu, and the Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby announced.
“This round offers 40 blocks across land, shallow water and deepwater terrains. I can see my IOC is already permuting. They are open to investors with the technical competence, financial capability and, above all, the commitment to develop Nigeria’s petroleum resources.
“We will not rest on our laurels. 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.”
The announcement comes after the NUPRC concluded the 2025 licensing round, which attracted significant interest from local and international oil companies.
According to the NUPRC boss, 143 companies submitted 200 bids in the 2025 round, with 31 companies emerging as winners of 37 blocks. He said the exercise also marked a significant shift in investor interest beyond the traditional Niger Delta producing areas, as frontier basins including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted investors.
Since the Petroleum Industry Act came into force in 2021, the commission said it had 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.
