Nigeria Launches 2026 Oil Licensing Round for 40 Blocks

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) launched its 2026 Licensing Round on October 6 in Abuja, offering 40 oil blocks across land, shallow water, and deepwater terrains. Approved by President Bola Tinubu, the initiative aims to help Nigeria reach a production goal of 3 million barrels of oil per day by 2030.

To attract international oil companies and global capital, the NUPRC introduced stricter transparency requirements. Bidders must now disclose their beneficial owners, and the commission has pledged to publish clear timetables and evaluation methodologies. These reforms follow recommendations from the Nigeria Extractive Industries Transparency Initiative to close governance gaps in previous licensing rounds.

Vice-President Kashim Shettima, representing the president at the announcement, emphasized that petroleum acreage is now awarded through open, competitive bidding rather than political connections. Current production figures remain varied, with the NUPRC reporting 1.68 million barrels per day in August, while Minister of State for Petroleum Resources Heineken Lokpobiri cited 1.82 million barrels on October 6.