morganabLE economy watch
The 2026 licensing round is part of the Federal Government’s efforts to attract fresh investment into the upstream petroleum sector, increase exploration activities and improve the country’s crude oil and natural gas production.
KaNo—
The Nigerian Upstream Petroleum Regulatory Commission has invited international oil and gas investors to explore investment opportunities in Nigeria, announcing plans to offer 40 oil and gas blocks in its 2026 licensing round.
The commission said Nigeria was positioning itself as a competitive investment destination amid growing global energy tensions and increasing competition among oil-producing countries for available international capital.
It attributed the country’s improving investment climate to enhanced security, attractive fiscal incentives and regulatory reforms introduced to address longstanding challenges in the petroleum industry.
The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, made the call during a roundtable discussion at the 2026 Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi on Monday.
The discussion was titled, ‘Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security.’
Eyesan urged international investors to take advantage of the opportunities presented by Nigeria’s forthcoming licensing round, noting that the bidding portal would officially open on November 20, 2026.
In a statement issued by the Head of Media and Corporate Communications of the commission, Eniola Akinkuotu, the NUPRC chief executive said Nigeria was offering investors a relatively stable environment despite uncertainties in the global energy market.
The statement read, “The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, has told investors that Nigeria offers a stable climate amid the global energy tension and therefore urged investors to look towards Nigeria by taking advantage of the 2026 Licensing Round which has 40 oil and gas blocks on offer.
“She also disclosed that the licensing round portal will officially open on November 20, 2026.”
Speaking at the event, Eyesan said the commission expected significant interest from international investors, adding that the government had introduced incentives to make the country’s upstream petroleum sector more attractive.
“We are expecting investors to turn to Nigeria. We are going in for another licensing round and we will be launching our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive.
“We have set a very attractive fiscal framework for investors. The entire environment is a lot more secure. We have been able to manage costs with a lot of incentives for investors and we expect to see investors take up the offer when we open the portal,” she said.
The 2026 licensing round is part of the Federal Government’s efforts to attract fresh investment into the upstream petroleum sector, increase exploration activities and improve the country’s crude oil and natural gas production.
Nigeria has faced difficulties attracting adequate investment into its oil and gas industry over the years, with regulatory uncertainty, insecurity, crude oil theft, pipeline vandalism, high operating expenses and delays in project approvals identified among the factors affecting investors’ confidence.
These challenges have constrained exploration activities and affected the country’s ability to maximise its petroleum resources despite its significant crude oil and natural gas reserves.
However, Eyesan said recent reforms had helped improve the operating environment, particularly following the enactment of the Petroleum Industry Act in 2021 and executive orders introduced by President Bola Tinubu to address regulatory and operational bottlenecks.
She said the reforms had strengthened the regulatory framework and provided a more predictable environment for companies seeking to invest in Nigeria’s petroleum industry.
According to her, the commission has conducted at least four successful licensing rounds between 2021 and 2026, representing a shift from previous years when licensing exercises were less frequent.
The development, she said, demonstrated the government’s renewed commitment to attracting investment and expanding activities in the upstream segment of the petroleum industry.
The Petroleum Industry Act, which introduced significant changes to the governance and regulation of the country’s petroleum sector, was designed to improve transparency, strengthen institutional oversight and create a more commercially viable operating environment.
The commission said the implementation of the reforms had also helped Nigeria compete more effectively with other oil-producing countries seeking to attract international investment.
Beyond crude oil exploration, Eyesan highlighted the country’s natural gas resources as another major opportunity for investors, particularly as Nigeria seeks to increase domestic gas supply and expand its export capacity.
She disclosed that Nigeria had approximately 215 trillion cubic feet of proven gas reserves, but its daily production remained below seven billion cubic feet.
The difference between the country’s substantial reserves and its current production levels, according to her, presented opportunities for investment in exploration, production, processing and transportation infrastructure.
Eyesan said the completion of major gas infrastructure projects would help unlock additional supplies and strengthen Nigeria’s position as a significant gas supplier within Africa and the international energy market.
She noted that the country’s gas development plans were not limited to meeting domestic demand but also included supplying neighbouring countries and international markets, particularly Europe.
“The stars are already aligned. For gas infrastructure, we just completed very major infrastructure projects that will unlock gas supply in the country and the sub-region.
“We talk about two major projects on the drawing board to move gas through the Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline.
“Again, this gas will go somewhere in Europe and will also meet regional demands. So, Nigeria is positioned to meet not just domestic supply,” she said.
The proposed Nigeria-Morocco Atlantic Gas Pipeline is expected to connect Nigeria with several West African countries before extending towards Morocco, potentially providing access to European markets.
The Trans-Saharan Gas Pipeline is another proposed project intended to transport Nigerian gas through Niger Republic to Algeria, where it could connect with existing infrastructure for onward transportation to European markets.
Both projects have been discussed as part of broader efforts to expand Africa’s energy infrastructure and improve access to natural gas across the continent.
Nigeria’s gas development ambitions also come amid growing efforts by the Federal Government to utilise the country’s resources to support industrialisation, electricity generation and economic diversification.
The NUPRC’s announcement of 40 oil and gas blocks is therefore expected to provide opportunities for companies interested in participating in the country’s upstream petroleum development.
The success of the licensing exercise, however, will depend on the level of investor participation, the transparency of the bidding process and the ability of the government to sustain the security and regulatory improvements highlighted by the commission.
With the bidding portal scheduled to open on November 20, the commission said it was looking forward to attracting investors willing to participate in the development of Nigeria’s petroleum resources.
