Tinubu Approves 2026 Oil Block Licensing Round as NUPRC Targets Fresh Investment Boom
- President Tinubu has approved the commencement of Nigeria’s 2026 oil and gas licensing round, scheduled for the third quarter of 2026
- The NUPRC said preparations for the ongoing 2025 licensing round are at an advanced stage, with commercial bidding scheduled for July
- The commission said increasing investor participation reflects growing confidence in Nigeria’s upstream petroleum sector
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has obtained approval from President Bola Tinubu to begin preparations for the country’s 2026 oil and gas licensing round ahead of schedule.
According to the commission, the exercise is expected to be launched no later than the third quarter of 2026, in line with regulatory requirements governing upstream petroleum asset allocation.
Source: UGC
The announcement was made in a statement issued on Wednesday, June 3, 2026, by the Head of Media and Corporate Communications at NUPRC, Eniola Akinkuotu, Punch reported.
2025 bid round nears key milestone
Speaking during a visit by Meren Energy, formerly known as Africa Oil, to the commission’s headquarters in Abuja, the Chief Executive of NUPRC, Mrs Oritsemeyiwa Eyesan, revealed that preparations for the ongoing 2025 licensing round had reached an advanced stage.
She noted that the commercial bidding phase is scheduled to take place in July, paving the way for the commencement of the 2026 cycle.
Eyesan explained that the level of participation by investors in the current exercise demonstrates growing confidence in Nigeria’s upstream petroleum industry.
Reforms driving investor confidence
Eyesan attributed the renewed interest in the sector to recent improvements in crude oil production and increased investment inflows, which she said were being driven by reforms introduced under the Tinubu administration.
She disclosed that the President, who also serves as Minister of Petroleum Resources, had already granted approval for the 2026 licensing round, adding that the commission was working to finalise arrangements for its launch.
She said:
“We are also fortunate that the president and minister of petroleum resources have approved the 2026 licensing round. So, we are in the process of finalising the 2026 launch, which will happen latest by the third quarter. So, this is the make-or-break point, and we want to make sure we make it.”
Source: UGC
She further stressed that the outcome of the current licensing exercise would play a crucial role in shaping future upstream asset allocations and maintaining investor confidence in Nigeria’s oil and gas sector.
Recall that the FG had threatened to withdraw the licences of oil blocks that have remained undeveloped for years, as it moves to tighten enforcement of timelines in the country’s upstream oil sector.
Nigerian company wins 3 oil blocks in Angola
In related news, Legit.ng earlier reported that a Nigerian oil company, Walcot Group, signed a petroleum-sharing agreement with the oil regulator for three oil blocks.
The deal with the Angolan National Agency for Petroleum, Gas and Biofuels came after Walcot’s successful bid for three oil mining licences.
The licences hold an estimated three billion barrels of crude oil spanning several square kilometres.
Source: Legit.ng
