The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the 2026 oil licensing round, offering 40 blocks to investors as Nigeria steps up efforts to attract fresh capital into the upstream petroleum sector.
The announcement came as the country’s oil and condensate production reached 1.821 million barrels per day, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, unveiled the licensing round on Tuesday in Abuja during the commission’s fifth anniversary celebration.
She said the exercise was approved by President Bola Ahmed Tinubu and the Minister of Petroleum Resources and would cover blocks across land, shallow-water and deepwater terrains.
“This round offers 40 blocks across land, shallow water and deepwater terrains,” Eyesan said.
She explained that the blocks would be available to investors with the technical expertise, financial strength and commitment required to develop Nigeria’s petroleum resources.
The commission also plans to strengthen transparency throughout the licensing exercise. Eyesan said bidders would be required to disclose their beneficial owners, while the evaluation methodology and results would be published more fully.
According to her, the measures are necessary because competition for investment in the global upstream oil industry is becoming increasingly intense.
“We will not rest on our oars. Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she said.
$47.6bn Projects Approved Since 2024
The licensing announcement comes as the NUPRC disclosed that it has approved 120 oil and gas field development plans since 2024, representing approximately $47.6 billion in capital expenditure.
Eyesan said the approved projects have the potential to add 1.74 million barrels of oil per day and 13.9 billion standard cubic feet of gas per day to Nigeria’s production capacity.
“Since 2024, we have approved 120 field development plans, representing approximately $47.6 billion in capital expenditure,” she said.
“These projects have the potential to add 1.74 million barrels of oil per day and 13.9 billion standard cubic feet of gas per day to our production capacity.”
One of the major developments approved by the commission is the $10.3 billion Zabazaba-Etan project in OPL 245, which had remained delayed for more than two decades due to disputes.
Eyesan also said Nigeria accounted for 38 per cent of all upstream investment sanctioned across Africa in 2025, compared with an average of four per cent between 2015 and 2023.
She said this positioned Nigeria as Africa’s leading destination for upstream investment for the second consecutive year.
Oil Production Continues to Rise
Eyesan said oil and condensate production had grown from about 1.44 million barrels per day in 2022 to an average of 1.75 million barrels per day during the first seven months of 2026.
Gas production also increased from 6.83 billion standard cubic feet per day to about 7.97 billion standard cubic feet per day over the same period.
However, Lokpobiri gave a more recent production figure of 1.821 million barrels per day, including condensates.
“Today we’re doing, as of yesterday when you sent the report to me, we’re doing 1.821 million barrels a day. That is over 80 per cent of success,” the minister said.
Lokpobiri said production stood at barely one million barrels per day, including condensates, when the Tinubu administration took office in 2023.
He urged the NUPRC to continue granting licences to investors with the necessary financial and technical capacity to develop Nigeria’s oil and gas reserves.
“Once we are able to do that, I believe that all those people who are coming with petro-dollars are bound to come to Nigeria,” he said.
The minister also disclosed that the number of active drilling rigs had risen from fewer than 10 in 2023 to more than 70.
NUPRC Targets 3m bpd by 2030
Eyesan said the commission had introduced measures aimed at reducing delays and increasing production efficiency.
According to her, the time required to approve the reactivation of shut-in wells has been reduced from between two and six weeks to between two and four hours.
The commission has also approved 37 new crude evacuation routes in an effort to reduce production shut-ins.
NUPRC is targeting three million barrels of oil per day and 12 billion standard cubic feet of gas per day by 2030.
Eyesan said the commission was also entering what she described as an “age of compliance,” under which the performance of licensees and lessees would be assessed, scored and published.
The assessment will cover areas including work programme delivery, payment of royalties, rents and fees, domestic crude and gas supply obligations, measurement and data reporting, gas flaring, health and safety, environmental standards, decommissioning and host community obligations.
Tinubu, NNPC Highlight Investment Reforms
President Bola Ahmed Tinubu, represented at the event by Vice-President Kashim Shettima, said Nigeria’s petroleum resources should be used to support broader economic diversification.
“Our aim is to use our petroleum resources to build this diversified economy. Our gas can power homes and factories. Petroleum earnings support a stable naira and fund the federation,” Tinubu said.
The President also highlighted the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026, saying it was designed to unlock up to $50 billion in new investment, beginning with the Bonga Southwest project.
Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, said clearer regulations and faster approval processes were helping to create a more attractive environment for investors.
He said the industry’s focus remained on increasing production, expanding gas development and creating long-term value.
“Our focus remains on growing results, increasing production, accelerating gas development, and creating long-term value for our shareholders and the Nigerian people,” Ojulari said.
With the 2026 licensing round now announced, the NUPRC says the priority is to attract investors capable of developing the available assets while maintaining transparency, regulatory certainty and stronger production performance across Nigeria’s upstream petroleum sector.
