Nigeria Offers 40 Oil Blocks in 2026 Licensing Round to Boost Investment

The Nigerian government has launched its 2026 oil licensing round, offering 40 exploration blocks across land, shallow water, and deepwater terrains. The move aims to attract fresh foreign and domestic investment into the country’s upstream petroleum sector, with a focus on transparency and regulatory clarity.

Oritsemeyiwa Eyesan, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the initiative during the commission’s 5th anniversary event in Abuja. She emphasized that the bidding process will enforce strict transparency measures, including mandatory disclosure of beneficial ownership and fully published evaluation results. The blocks are open to investors with the required technical competence, financial capacity, and commitment to develop Nigeria’s petroleum resources.

Eyesan highlighted the role of the Petroleum Industry Act (PIA) in redefining the commission and clarifying responsibilities. She noted that the sector’s current resurgence is a result of decisive policy architecture established under President Bola Ahmed Tinubu, which has resolved fiscal bottlenecks and compressed contracting cycles. Since 2024, the Commission has approved 120 Final Investment Decisions (FIDs), representing over $47 billion in capital commitments.

Femi Agoro, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), praised the regulatory clarity brought by the PIA and NUPRC’s leadership. He called for better workforce welfare, particularly addressing contract staffing and wage disparities. Adegbite Falade, representing the Independent Petroleum Producers Group (IPPG), credited NUPRC’s policies with transforming indigenous participation in Nigeria’s oil production, which now accounts for over 70% of national crude production.