The federal government has inaugurated the 2026 oil and gas licensing round, offering 40 blocks across land, shallow water and deepwater terrains to local and foreign investors.

Oritsemeyiwa Eyesan, Nigerian Upstream Petroleum Regulatory Commission’s chief executive, announced the round in Abuja at the commission’s fifth anniversary.

Ms Eyesan said President Bola Tinubu, who is also the petroleum resources minister, approved it. She said the bidding process would require investors to disclose their beneficial owners, while the commission would publish the full evaluation results.

“The measures are meant to help Nigeria compete for capital in a tightening global market,” she said.

She said the blocks were open to investors with the technical competence, financial strength and commitment to develop the country’s petroleum resources.

”Competition for upstream capital is fierce. Investors go where rules are clear, processes are predictable, and data can be trusted,” Ms Eyesan said.

She also credited presidential directives that shortened contracting cycles and gave investors fiscal certainty.

A licensing round is a formal process through which a government or regulator offers oil and gas assets or blocks to companies for exploration and production.

The NUPRC conducts licensing rounds in which qualified companies bid for available oil and gas blocks, submit their technical and financial proposals, and compete based on the regulator’s stated criteria.

The NUPRC selects successful bidders and awards them rights to develop the blocks, subject to regulatory and contractual requirements.

(NAN)