Nigeria has opened its 2026 oil and gas licensing round, putting 40 blocks across onshore, shallow-water and deepwater areas on offer as the country looks to attract new investment and support higher exploration and production. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the licensing round on 6th October 2026 after receiving approval from Nigeria’s President Bola Tinubu and the petroleum ministry.
The 40 blocks are available to investors that can demonstrate the technical expertise, financial capacity and commitment needed to develop Nigeria’s petroleum resources. The 2026 oil and gas licensing round is being positioned as part of Nigeria’s effort to bring additional capital into its upstream sector while developing petroleum resources.
NUPRC Targets Greater Transparency in Bidding
The NUPRC said the latest bidding process of the 40 blocks will introduce measures designed to strengthen transparency and improve predictability for participating companies. Investors taking part in the process will be required to disclose their beneficial owners. The regulator also plans to publish the evaluation methodology and results more fully than before.
According to the NUPRC, the measures are intended to strengthen Nigeria’s position in competing for upstream capital at a time when investors have an increasing number of jurisdictions from which to choose. The 2026 oil and gas licensing round therefore places greater emphasis on transparency as Nigeria seeks to attract investors to its petroleum sector.
Licensing Round Builds on 2025 Exercise
The new offering comes after Nigeria’s 2025 licensing exercise, during which 31 companies emerged as winners of 37 blocks. The earlier exercise received submissions from 143 companies, which together made about 200 bids. Interest in the previous process also extended to frontier areas, including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.
Alongside the new licensing process, the NUPRC is working to increase production by restoring more than 788,000 barrels per day of shut-in output identified across 63 operators. The regulator is also working to move offshore projects estimated at $30 billion to $50 billion toward final investment decisions, while seeking to increase domestic gas deliveries. Furthermore, Nigeria recently boosted its activities to enhance its crude oil production capabilities, with authorities targeting an increase of 100,000 barrels per day.
Nigeria Targets 3 Million Barrels Per Day by 2030
Nigeria has established a target of reaching 3 million barrels per day of oil production by 2030. The 2026 oil and gas licensing round forms part of the government’s broader effort to attract capital, develop new petroleum resources and ensure that awarded licences result in actual exploration and production. The licensing process, together with efforts to restore shut-in production and advance offshore projects, reflects the country’s focus on increasing petroleum activity and strengthening output as it works toward its 2030 production target.
