Nigeria opens 40 oil and gas blocks to investors as NUPRC fixes November 20 for bidding portal

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will officially open its bidding portal for the 2026 oil and gas licensing round on November 20, as the Federal Government steps up efforts to attract investment into the country’s petroleum industry.

The Commission Chief Executive, Oritsemeyiwa Eyesan, announced the date on Monday during the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates.

The licensing round offers 40 oil and gas blocks across onshore, shallow-water and deepwater terrains, providing opportunities for both Nigerian and international investors to participate in the development of the country’s petroleum resources.

Eyesan urged prospective investors to consider Nigeria, describing the country’s investment environment as increasingly competitive following improvements in security, fiscal incentives and regulatory conditions.

She said the commission had introduced measures to make the sector more attractive by establishing favourable fiscal terms, managing operational costs and reducing investment risks.

“We are expecting investors to turn to Nigeria. We are going in for another licensing round and we will be launching our bid portal on November 20,” Eyesan said.

The NUPRC chief attributed improvements in the country’s investment climate partly to the Petroleum Industry Act (PIA), enacted in 2021, and executive orders signed by President Bola Tinubu.

She added that the commission had conducted at least four successful licensing rounds between 2021 and 2026, attracting additional investments into the upstream petroleum sector.

Eyesan also highlighted Nigeria’s substantial natural gas potential, putting the country’s reserves at approximately 215 trillion cubic feet, while daily production remains at about seven billion cubic feet.

She said the gap between the country’s enormous gas reserves and current production levels presented significant opportunities for investors, particularly with major infrastructure projects expected to improve supply.

Among the projects she identified were the proposed Nigeria-Morocco Atlantic Gas Pipeline and the Trans-Sahara Gas Pipeline, which are expected to expand access to Nigerian gas across regional and international markets.

The NUPRC chief further noted that competition for global energy investments had intensified, with countries increasingly positioning themselves to attract capital into their petroleum industries.

She said Nigeria was taking steps to address concerns surrounding project execution, operational costs, delays and regulatory uncertainty to strengthen investor confidence.

The 2026 licensing round was formally announced in October, with the commission promising greater transparency in the bidding process through fuller disclosure of evaluation procedures and results.

It also introduced a requirement for bidders to disclose their beneficial owners as part of efforts to strengthen accountability in the allocation of petroleum assets.