FG Announces 40 Oil Blocks for Sale as Nigeria Launches 2026 Licensing Round
- The Federal Government has opened 40 oil blocks across land, shallow water and deepwater terrains to investors in the 2026 licensing round
- Nigeria’s crude oil and condensate production has risen, while 120 approved development plans represent about $47.6 billion in investments
- The NUPRC said bidders must disclose their beneficial owners as it seeks to make the oil block allocation process more transparent and predictable
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Federal Government has opened 40 oil blocks for investors in Nigeria's latest licensing round as authorities move to attract fresh billions of dollars into the country's oil and gas industry.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the 2026 licensing round, offering petroleum assets across land, shallow water and deepwater terrains to investors with the financial capacity and technical expertise to develop them.
Source: UGC
The development comes as Nigeria's oil production continues to recover, with the government reporting a rise in crude oil and condensate output to 1.82 million barrels per day.
Nigeria opens 40 oil blocks to investors
NUPRC Chief Executive, Oritsemeyiwa Eyesan, said the 40 blocks would be available to qualified investors as the government seeks to unlock more investment in the upstream sector.
The licensing round was approved by President Bola Tinubu and the Minister of Petroleum Resources.
Eyesan said prospective investors would have to demonstrate the technical competence, financial capability and commitment required to develop Nigeria's petroleum resources.
The commission is also introducing stricter transparency requirements for the exercise.
Under the new bidding guidelines, companies seeking to acquire the oil blocks will be required to disclose their beneficial owners.
The NUPRC also plans to provide greater details about its evaluation methodology and publish the results of the licensing process.
Eyesan said the commission wants to make the process more transparent and predictable, stressing that the allocation of petroleum acreage should no longer be discretionary.
2025 oil block auction attracted 200 bids
The latest licensing round follows the strong interest recorded during the 2025 exercise.
According to Eyesan, 143 companies submitted 200 bids during the 2025 licensing round, with 31 companies emerging as winners of 37 blocks.
The commission also reported increased investor interest in frontier basins outside Nigeria's traditional Niger Delta oil-producing areas.
The Anambra Basin, Benue Trough, Chad Basin and Benin Basin were among the frontier areas that attracted investor attention.
Source: UGC
Since the Petroleum Industry Act came into force in 2021, the NUPRC has conducted three licensing exercises — the 2022 Deep Offshore Mini Bid Round, the 2024 Nigerian Licensing Round and the 2025 Nigerian Licensing Round.
The exercises have resulted in the award of 57 Petroleum Prospecting Licences.
The NUPRC said full details of the 40 blocks, qualification requirements and application procedures for the 2026 licensing round would be published on its website and dedicated licensing portal.
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
