Lagos — Nigeria has launched a new licensing round offering 40 oil and gas blocks to investors as Africa’s largest oil producer seeks to attract fresh capital, revive production and strengthen transparency in its upstream sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Wednesday that the blocks, approved for bidding by President Bola Tinubu, cover land, shallow-water and deepwater terrains.
Detailed information on the blocks, participation requirements and bidding procedures will be published through a dedicated licensing-round portal and on the NUPRC website.
Greater transparency for investors
NUPRC head Oritsemeyiwa Eyesan said the 2026 licensing round would introduce additional transparency requirements aimed at improving investor confidence.
Bidding companies will be required to disclose their beneficial owners, while the regulator plans to provide greater detail on its evaluation methodology and publish more information about bidding outcomes.
The measures come as Nigeria competes with other oil-producing jurisdictions for global upstream investment at a time when companies are increasingly assessing regulatory certainty, project economics and governance before committing capital.
Focus on restoring production
Nigeria has been working to reverse years of weak oil production caused by underinvestment, crude theft and operational challenges.
Eyesan said the regulator's immediate priorities include restoring around 788,000 barrels per day of shut-in production identified across 63 operators.
The government is also seeking to advance offshore developments worth between $30 billion and $50 billion towards final investment decisions, while increasing domestic gas supply.
The licensing round therefore forms part of a broader effort to unlock existing production capacity while bringing new projects and investment into the sector.
Source: Reuters
Reporting :Camillus Eboh
Writing :Isaac Anyaogu
Editing: Thomas Derpinghaus
