President Bola Tinubu has authorised the commencement of the 2026 oil and gas licensing round, a move aimed at sustaining investor interest in Nigeria’s upstream petroleum sector while creating fresh opportunities for companies that may not secure assets in the ongoing 2025 exercise.
The approval positions Nigeria to conduct its third consecutive competitive licensing round in recent years.
The announcement was made on Tuesday in Abuja during the ongoing 2025 Commercial Bid Conference by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
The event also marked the opening of commercial bids submitted by qualified companies seeking to acquire oil and gas assets under the 2025 Licensing Round.
Addressing participants, Eyesan encouraged unsuccessful bidders to remain optimistic, noting that the country’s upstream sector offers numerous investment opportunities beyond the assets currently available.
She disclosed that President Tinubu had approved the commencement of preparations for the 2026 licensing exercise.
Eyesan said, “Nigeria’s upstream industry offers opportunities beyond assets being considered today. And we encourage you to remain engaged.
“And I want to reiterate that His Excellency President Bola Tinubu has given the commission the approval to commence the 2026 bidding round. So, all hope is not lost. Lessons learned from this exercise, you can utilise in the next exercise.”
She also praised members of the multidisciplinary evaluation committee and commission staff for successfully managing the licensing process to its current stage.
According to her, “Let me at this point commend the multidisciplinary evaluation team and all staff of the commission who have worked tirelessly to ensure that we get to this point.
I also recognize, once again, our partners, but the commission will continue to apply the published criteria fairly, consistently, and transparently.”
Speaking at the conference, Lokpobiri reaffirmed the President’s approval for another licensing round and assured investors of the government’s commitment to maintaining a transparent and competitive bidding process.
He urged companies that may not emerge successful in the current exercise to prepare for future opportunities.
He said, “Distinguished ladies and gentlemen, on this note, I wish the Commission and all, like the CCE has said, if you can’t make it today, you’ll make it tomorrow.
“We value all of you. If you can’t make it today, you’ll make it tomorrow. She has said it, and you will stand by it. The ministers will stand by her. Congratulations.”
Lokpobiri confirmed that the President had already approved another bid round.
He said, “I am very happy that we have a third one already approved, which she has already announced. And like my colleague said, if you don’t win in this bid round, pray that you win the next bid round.”
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The minister described Nigeria as an attractive destination for energy investments, citing its strategic location and developments within the global energy market.
According to him, “Nigeria, as of today, is one of the most attractive investment destinations in the world, given what has happened in the Gulf region between Iran and the U.S. And so these assets are among the most valuable assets that you can think of anywhere in the world because of Nigeria’s strategic location in the Gulf of Guinea.”
Lokpobiri further stated that the Petroleum Industry Act (PIA) had ended discretionary allocation of oil blocks, ensuring that licences are awarded through a transparent process.
He said, “It’s also important for us to say, as CCE said, nobody knows the content of the commercial bid that you have bidded. And the PIA, I want to say, unfortunately, has prevented discretionary allocation of oil blocks.
“I wish I was a minister when the Petroleum Act was still in operation. I would have exercised my powers to discretionary allocate it to those I believe have the requisite financial and technical capacity to be able to develop these assets.”
He added that the existing legal framework is intended to ensure that only capable investors acquire petroleum assets for development.
The minister also cautioned against treating oil block licences as status symbols rather than productive investments.
He said, “I like what CCE said, that these licences that will be issued today, or that will be won today, shouldn’t be trophies as it has been in the past.
“In the past, I’ve seen people who go around all the conferences in the world wearing the nicest suits and looking for partners that never came. Partners will never come. Let the best win.”
The NUPRC announced the 2025 Licensing Round on November 11, 2025, in line with the Petroleum Industry Act 2021, offering 50 oil and gas blocks spread across seven sedimentary basins.
The assets cover locations in the Niger Delta onshore and shallow offshore, deep offshore, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough.
The licensing exercise began with the launch of the bid portal in December 2025 and progressed through the pre-bid conference, prequalification process, technical evaluation and commercial bid conference ahead of the announcement of successful bidders.
The planned 2026 licensing round underscores the Federal Government’s commitment to sustaining annual competitive bid rounds to attract new investment, increase exploration activities and boost crude oil production under the regulatory framework established by the Petroleum Industry Act.