Tinubu Approves 2026 Oil and Gas Licensing Round

• New bid exercise to follow ongoing 2025 oil block allocation process.
• FG says annual licensing rounds will deepen investment and boost crude output.
• Unsuccessful 2025 bidders urged to prepare for next year’s opportunities.

President Bola Tinubu has approved the commencement of Nigeria’s 2026 oil and gas licensing round, paving the way for another competitive bidding process aimed at attracting fresh investments into the country’s upstream petroleum sector.

The approval was announced on Tuesday at the ongoing 2025 Commercial Bid Conference in Abuja, where the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) began opening commercial bids submitted by qualified firms seeking to acquire oil and gas assets under the current licensing exercise.

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The move signals the Federal Government’s determination to sustain annual bid rounds as part of efforts to increase exploration activities, raise crude oil production and strengthen investor confidence in the country’s energy sector.

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Speaking at the conference, the Commission Chief Executive of NUPRC, Oritsemeyiwa Eyesan, encouraged companies that may not secure assets in the ongoing exercise to remain optimistic, noting that additional opportunities would soon become available.

She disclosed that President Tinubu had already authorised preparations for the 2026 licensing round, describing Nigeria’s upstream petroleum industry as one with enormous investment potential beyond the assets currently being offered.

Eyesan urged investors to remain engaged with the country’s oil and gas sector, adding that lessons from the ongoing exercise could strengthen future bids.

She also commended members of the commission’s multidisciplinary evaluation team and other officials for successfully steering the licensing process through its various stages, while assuring stakeholders that the evaluation would be conducted fairly, transparently and in line with published guidelines.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed the President’s approval for another licensing exercise, assuring investors that the government remained committed to creating a transparent and competitive investment environment.

The minister advised companies that may not emerge successful in the current bidding process not to lose hope, stressing that fresh opportunities would be available during the 2026 exercise.

According to him, Nigeria remains one of the world’s most attractive destinations for upstream petroleum investment, citing the country’s strategic location and evolving global energy dynamics.

Lokpobiri also said the Petroleum Industry Act (PIA) had eliminated discretionary allocation of oil blocks, ensuring that licences are awarded only through competitive processes.

He explained that the current legal framework is designed to ensure only technically and financially capable investors obtain petroleum assets, warning that licences should no longer be acquired merely for speculative purposes.

The minister urged prospective winners to focus on developing the assets rather than treating the licences as status symbols.

The 2025 Licensing Round, announced by the NUPRC in November 2025 under the provisions of the Petroleum Industry Act 2021, offers 50 oil and gas blocks spread across seven sedimentary basins, including the Niger Delta onshore and offshore, deep offshore fields, the Benin and Anambra basins, the Chad Basin and the Benue Trough.

The process has progressed through prequalification, technical evaluation and commercial bidding stages, with successful bidders expected to be announced after the completion of the evaluation process.

Government officials said the planned 2026 licensing round underscores the administration’s long-term strategy to expand investment opportunities, stimulate exploration and strengthen Nigeria’s position in the global energy market.