Tinubu Approves 2026 Oil and Gas Licensing Round as NUPRC Prepares for July Bidding
By Aboki Forex —
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has secured President Bola Tinubu’s approval to start preparations for the 2026 oil and gas licensing round. The exercise will launch no later than the third quarter of 2026, in line with regulatory timelines for upstream asset allocation.
NUPRC Chief Executive Oritsemeyiwa Eyesan announced the development on Wednesday during a visit by Meren Energy, formerly Africa Oil, to the commission’s headquarters in Abuja. She said preparations for the ongoing 2025 licensing round are at an advanced stage, with commercial bidding scheduled for July.
Eyesan attributed rising investor participation to growing confidence in Nigeria’s upstream petroleum sector. She linked this to improved crude oil production and increased investment inflows driven by reforms under the Tinubu administration.
“We are also fortunate that the president and minister of petroleum resources have approved the 2026 licensing round. So, we are in the process of finalising the 2026 launch, which will happen latest by the third quarter,” Eyesan said. “This is the make-or-break point, and we want to make sure we make it.”
The outcome of the current licensing round will shape future upstream asset allocations and help maintain investor confidence, she added.
Recall that the federal government had threatened to withdraw licences of oil blocks that remain undeveloped for years, as it tightens enforcement of timelines in the upstream sector.
In related news, Walcot Group, a Nigerian oil company, recently signed a petroleum-sharing agreement with the oil regulator for three oil blocks. The deal followed Walcot’s successful bid for three oil mining licences holding an estimated three billion barrels of crude oil.