Nigeria has opened commercial bidding for fifty oil and gas blocks under its 2026 licensing round.
Africa’s largest oil producer is seeking to attract more than $10 billion in new investment and boost crude production over the coming decade.
The licensing round, launched by the Nigerian Upstream Petroleum Regulatory Commission, offers 15 onshore blocks, 19 shallow water blocks, 15 frontier blocks and one deepwater block.
The regulator said the exercise is designed to expand exploration, increase proven reserves and strengthen long-term oil and gas production.
NUPRC Chief Executive Gbenga Komolafe said the bidding process is expected to unlock about two billion barrels of additional oil reserves while supporting the government’s target of raising crude production above current levels.
He added that the licensing round is being conducted under the Petroleum Industry Act, which introduced a more transparent and competitive framework for awarding oil and gas assets.
The commission expects the exercise to attract both domestic and international investors, supported by improved security in oil-producing regions, regulatory reforms and a recovery in crude production.
Nigeria has recently exceeded its OPEC production quota for several consecutive months, reflecting improved pipeline security and increased upstream activity.
The commercial bidding process will be conducted through a fully digital platform aimed at improving transparency and reducing administrative bottlenecks. Interested companies will undergo a two-stage qualification process covering technical competence, financial capacity and regulatory compliance before submitting commercial bids for the available assets.
The licensing round forms part of broader efforts by the federal government to revive upstream investment after years of declining exploration caused by oil theft, pipeline vandalism, regulatory uncertainty and underinvestment. Authorities believe new discoveries and higher production will help increase export earnings, strengthen foreign exchange reserves and support economic growth.
The offering also comes as demand for Nigerian crude receives additional support from the expansion of domestic refining capacity, led by the Dangote Refinery. Higher local processing capacity is expected to create a stronger market for crude produced within the country while reducing dependence on imported refined petroleum products.
Successful bidders will receive petroleum prospecting licences or petroleum mining leases depending on the category of assets awarded and the stage of exploration. The regulator said the licensing round is expected to reinforce investor confidence, expand Nigeria’s reserve base and position the country for sustained production growth as competition for global upstream investment intensifies.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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