BREAKING: FG opens 2026 oil bid, offers 40 blocks to investors
The Federal Government has announced the 2026 oil licensing round, offering 40 blocks across land, shallow water and deepwater terrains to attract investme Read More:…
Licensing rounds are the main mechanism through which Nigeria awards rights to explore and produce oil and gas, with blocks spanning onshore, shallow water and deepwater terrains auctioned to local and international companies. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), created under the Petroleum Industry Act to oversee upstream licensing, contracting and compliance, administers the process on behalf of the Federal Government, which has in recent years pushed to reverse falling output, attract fresh capital and reduce reliance on ageing fields operated by international majors exiting onshore assets.
The 2026 round, opened across land, shallow water and deepwater acreage, comes as the government looks to boost production and revenue amid Nigeria's long-running struggle to meet OPEC quotas and curb oil theft and pipeline vandalism. BusinessDay's coverage adds that indigenous producers now account for about 70 percent of national crude output, underscoring the shifting ownership landscape in the sector since major international oil companies began divesting onshore and shallow-water holdings. Details on bid timelines, qualification criteria and specific block locations are expected to be spelt out by NUPRC as the process unfolds.