WorldStage— The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has formally launched its 2026 Licensing Round, offering 40 oil and gas blocks across land, shallow water and deepwater terrains to investors.
The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, announced the licensing round on Tuesday in Abuja at the NUPRC’s fifth anniversary ceremony, themed: “From Uncertainty to Stability: Unlocking the Next Phase of Investment.”
Eyesan said the licensing round followed the approval of President Bola Ahmed Tinubu, adding that the blocks would be open to investors with the technical competence, financial capacity and commitment required to develop Nigeria’s petroleum resources.
“It is with great joy that I announce that, pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigeria 2026 Licensing Round is hereby formally launched,” she said.
According to her, the Commission will publish details of the blocks, qualification requirements and participation procedures on its website and dedicated licensing round portal in the coming days.
She added that the guidelines would incorporate recommendations by the Nigeria Extractive Industries Transparency Initiative (NEITI), including full disclosure of the evaluation methodology, broader publication of licensing results and disclosure of the beneficial owners of every bidder.
“Bring your best ideas, your best partners and your best bids. May the best bids win,” Eyesan told prospective Nigerian and international investors.
Beyond attracting fresh investment, the NUPRC boss said the Commission’s immediate priority was to raise crude oil production by bringing back shut-in capacity and accelerating major offshore projects.
She disclosed that more than 788,000 barrels per day of production had been identified as shut-in across 63 operators, while offshore projects with an estimated value of $30 billion to $50 billion were being targeted for final investment decisions.
“Our licensing will be regular and predictable. Our focus will be on what moves the numbers: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30 billion to $50 billion to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” she said.
Eyesan said the upstream sector had undergone significant transformation over the past five years, attributing the progress to the transparency and predictability introduced by the Petroleum Industry Act (PIA) and executive orders issued by President Tinubu.
The NUPRC also used the anniversary to honour former directors of the defunct Department of Petroleum Resources (DPR), pioneer leaders of the Commission and former National Assembly leaders who played key roles in the passage of the PIA.
Those honoured included former Senate President Ahmad Lawan and former Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila.
The Commission also unveiled a special edition of its in-house magazine, The Upstream Gaze, alongside a documentary chronicling its five-year journey.
President Tinubu was represented at the event by Vice President Kashim Shettima, while Nigeria’s OPEC Governor, Mr Ademola Adeyemi-Bero, delivered the anniversary lecture.
Others in attendance included Chairman, Senate Committee on Gas, Senator Agom Jarigbe; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chairman, NUPRC Governing Board, Senator Magnus Abe; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Engr. Bayo Bashir Ojulari; heads of government agencies and industry leaders.
