Nigeria Unveils 2026 Licensing Round: 40 Blocks Offered Amidst PIA-Driven Sectoral Resurgence
The Federal Government has officially launched the 2026 oil licensing round, presenting 40 exploration blocks across onshore, shallow offshore, and deepwater territories. This initiative signals a strategic push to invigorate Nigeria’s upstream petroleum sector by attracting substantial foreign and domestic investment. The announcement, made during the 5th anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, underscores a commitment to transparency and competitiveness in the global energy market.
Oritsemeyiwa Eyesan, Chief Executive Officer of the NUPRC, confirmed that the bidding process will incorporate stringent transparency measures. These include mandatory disclosure of beneficial ownership and the full publication of evaluation results, designed to enhance investor confidence and secure international capital. “The wait is over,” Eyesan declared, announcing the round pursuant to the approval of President Bola Ahmed Tinubu. She emphasised that blocks will be awarded to investors demonstrating the requisite technical competence, financial capacity, and a firm commitment to developing Nigeria’s petroleum resources.
Eyesan highlighted the transformative impact of the Petroleum Industry Act (PIA), which has redefined the NUPRC’s mandate and clarified responsibilities, establishing it as an independent custodian of the nation’s hydrocarbon wealth. She attributed the sector’s current resurgence to the policy architecture established under President Tinubu, including targeted directives that have compressed contracting cycles and resolved long-standing fiscal bottlenecks. “President provided the fiscal certainty, and our responsibility as a commission has been to match that with regulatory speed,” she stated, noting that this approach has moved the industry from debate to committed capital.
The NUPRC CEO reported significant progress, with Nigeria accounting for 38 percent of off-stream capital sanctions in Africa in 2025, a stark contrast to its 4 percent share in 2021. Since 2024, the Commission has approved 120 Field Development Plans (FDPs), representing over $47 billion in capital commitments. This regulatory clarity has also bolstered indigenous participation, with domestic producers now accounting for over 70 percent of national crude production, a substantial increase from 3 percent when the Independent Petroleum Producers Group (IPPG) was formed.
Femi Agoro, National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), lauded the PIA and NUPRC’s leadership for the surge in foreign direct investment, which has risen from approximately 4 percent to nearly 40 percent. However, Agoro urged the NUPRC to prioritise workforce welfare, specifically addressing contract staffing and wage disparities. He pledged PENGASSAN’s support for the government’s target of 3 million barrels per day by 2030, advocating for a collaborative, data-driven approach to dispute resolution.
