FG Offers 40 Oil Blocks in Licensing Round

The Federal Government has opened the 2026 Nigerian oil licensing round, offering 40 oil blocks across land, shallow water and deepwater terrains to attract fresh investment into the upstream petroleum sector.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the blocks are open to investors with the required technical and financial capacity, as well as the commitment to develop the assets. The commission also introduced stronger transparency measures, including mandatory disclosure of bidders’ beneficial owners and fuller publication of evaluation methods and results.

NUPRC Chief Executive, Oritsemeyiwa Eyesan, said the exercise followed approval from President Bola Tinubu and the Minister of Petroleum Resources. She stressed that successful bidders would be expected to develop their assets, warning investors to “drill or drop.”