Nigeria Opens 40 Oil Blocks to Investors, Tightens Transparency Rules
The Federal Government has opened 40 oil blocks to investors in the 2026 licensing round, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) introducing new disclosure measures aimed at making the process more transparent and predictable. The blocks cover land, shallow-water and deepwater areas and are open to qualified Nigerian and international investors.
The NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the exercise in Abuja on Tuesday, saying the new round would require bidders to disclose their beneficial owners, while evaluation methods and results would receive greater public disclosure. The changes follow recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI), which reviewed previous licensing exercises and identified gaps in the disclosure of bidding information, evaluation procedures and ownership details.
The commission said the latest round is also intended to attract more capital into Nigeria’s upstream sector and expand oil and gas production. Previous licensing exercises conducted since the Petroleum Industry Act came into force in 2021 have resulted in 57 Petroleum Prospecting Licences, with assets from earlier rounds projected to add about 500 million barrels to reserves and at least 300,000 barrels per day of crude and condensate production if successfully developed.
Eyesan warned that winning a block would come with a responsibility to develop it, as the commission seeks to prevent investors from holding licences without producing from the assets. The 2026 round is expected to provide bidders with clearer qualification and evaluation requirements, fixed timelines and access to technical data, as the government seeks to strengthen investor confidence and move Nigeria closer to its 2030 oil production and gas development targets.
