Nigeria is seeking to attract fresh investment into its upstream petroleum industry by offering 40 oil and gas blocks in its 2026 licensing round, as the government steps up efforts to increase hydrocarbon exploration and production.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country was positioning itself as a competitive investment destination through improved security, regulatory reforms and fiscal incentives designed to encourage international oil and gas companies to invest.
The Commission Chief Executive, Oritsemeyiwa Eyesan, announced the initiative on Monday during a roundtable discussion at the 2026 Abu Dhabi International Petroleum Exhibition and Conference in the United Arab Emirates.
She disclosed that the bidding portal for the licensing exercise would officially open on November 20, 2026, inviting interested investors to participate in the process.
According to Eyesan, Nigeria has introduced an attractive fiscal framework and taken steps to reduce operating costs and improve security across the petroleum industry. She added that these measures were aimed at addressing investors’ concerns and making the country more appealing for capital allocation.
The licensing round comes as Nigeria seeks to overcome longstanding challenges that have discouraged investment in its oil and gas sector, including crude oil theft, pipeline vandalism, regulatory uncertainty, high operating expenses and delays in project execution.
Eyesan attributed recent improvements in the investment environment to reforms introduced under the Petroleum Industry Act (PIA), signed in 2021, alongside executive orders issued by President Bola Tinubu to address operational and regulatory bottlenecks.
She said the commission had conducted at least four licensing rounds between 2021 and 2026, reflecting increased efforts to open up the sector to investors.
Beyond oil exploration, the NUPRC chief highlighted Nigeria’s gas resources as another major opportunity for investment. The country holds approximately 215 trillion cubic feet of proven gas reserves, but daily production remains below seven billion cubic feet.
She noted that the completion of major gas infrastructure projects could help increase supply and support the development of domestic and regional markets.
Among the proposed export infrastructure projects are the Nigeria-Morocco Atlantic Gas Pipeline and the Trans-Saharan Gas Pipeline, which are expected to connect Nigerian gas resources to markets across Africa and Europe.
Eyesan said these projects could expand Nigeria’s role in meeting regional energy demand while creating additional opportunities for investors in the gas value chain.
She also acknowledged that competition for international capital had intensified, with several countries seeking to attract the same pool of energy investors.
According to her, Nigeria is working to reduce the risks associated with project execution, costs, delays and policy uncertainty, which often influence investment decisions.
The 2026 licensing round is part of the Federal Government’s broader strategy to attract capital into exploration, develop the country’s hydrocarbon resources, strengthen energy security and raise crude oil and gas production.
