Nigeria Unveils 2026 Oil Block Bids: Beneficial Ownership Disclosure Mandated
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially launched the 2026 oil licensing round, offering 40 blocks across onshore, shallow water, and deepwater terrains to prospective investors. This significant development, announced by NUPRC Chief Executive Officer Oritsemeyiwa Eyesan during the commission’s fifth-anniversary celebration, signals a renewed push for investment in Nigeria’s upstream petroleum sector. The initiative has received the explicit approval of President Bola Tinubu, who also serves as the Minister of Petroleum Resources.
A key regulatory enhancement for this round is the mandatory disclosure of beneficial owners for all bidding entities. This measure, alongside a commitment to greater transparency in the evaluation methodology and publication of results, aims to bolster investor confidence and align with international best practices. As stated by Vice-President Kashim Shettima, who represented President Tinubu, Nigeria’s oil blocks are now awarded through open and competitive processes, moving away from reliance on personal connections.
The NUPRC, established under the Petroleum Industry Act (PIA) of 2021, is tasked with regulating the upstream sector and administering petroleum resources, including licensing. Eyesan emphasised that the 2026 round is open to investors demonstrating the requisite technical competence, financial capacity, and a genuine commitment to developing Nigeria’s petroleum resources. She highlighted the fiercely competitive global landscape for upstream capital, underscoring the need for clear rules, predictable processes, and trustworthy data to attract and retain investors.
This announcement follows the successful conclusion of the 2025 licensing round, which saw 143 companies submit 200 bids, resulting in 31 companies acquiring 37 blocks. Notably, the 2025 round attracted interest beyond traditional producing areas, with frontier basins like the Anambra Basin, Benue Trough, Chad Basin, and Benin Basin drawing significant investor attention. Since the PIA’s enactment, the NUPRC has conducted three previous licensing exercises, awarding 57 Petroleum Prospecting Licences (PPLs).
Eyesan reiterated the commission’s dedication to making the 2026 exercise exceptionally transparent and predictable, asserting that the award of petroleum acreage is no longer discretionary but won through competitive bidding, a core reform of the PIA. Lessons learned from previous rounds, including recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI), will be integrated into the 2026 process. NEITI’s reviews have generally found the NUPRC’s processes to be professional, transparent, and inclusive, while also identifying areas for enhancement in evaluation, disclosure, and beneficial ownership reporting, all of which the NUPRC has committed to implementing.
Vice-President Shettima further underscored the PIA’s impact, noting that the reforms have ended industry uncertainty and provided host communities with a greater stake. He shared a personal anecdote of a friend securing an upstream asset through a fair and just process without any political connections, validating the transparency of the current system. The Federal Government remains committed to positioning Nigeria as a prime destination for long-term hydrocarbon investment, assuring investors of clear terms and robust enforcement of compliance and accountability. Efforts are also underway to address high costs and lengthy contracting processes that have historically deterred investment. Companies benefiting from government incentives will be held to their commitments regarding work programmes, local content, environmental protection, and host community engagement.
