Nigeria Opens Bidding for 40 Oil and Gas Blocks in 2026 Licensing Round

Nigeria’s oil regulator released 40 oil and gas blocks for bidding on Wednesday. The announcement was dated Oct 7. The round received approval from President Bola Tinubu, who also serves as minister of petroleum resources.

The blocks cover land, shallow water and deepwater terrains. A detailed list and participation criteria will be published on a dedicated licensing-round portal and on the website of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Transparency measures for 2026

Oritsemeyiwa Eyesan, head of NUPRC, said on Tuesday that the 2026 round will include mandatory disclosure of beneficial owners of all bidding companies, fuller publication of evaluation methodology, greater disclosure of bidding results and additional transparency measures to improve investor confidence.

Nigeria is competing for global upstream capital and trying to revive oil output. Output has for years been constrained by underinvestment, theft and operational challenges.

Production and investment priorities

Eyesan said Nigeria’s immediate priorities include restoring about 788,000 barrels per day of shut-in production identified across 63 operators, advancing offshore projects valued at between $30 billion and $50 billion towards final investment decisions and increasing domestic gas supply.

What it means for Nigeria

The licensing round is part of Nigeria’s push to attract upstream capital and lift output. For Nigerian businesses and the naira, the focus will be on whether the 2026 round turns into credible bids, final investment decisions and actual production.