Nigeria is stepping up efforts to attract fresh investment into its oil and gas industry, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) preparing to open bidding for 40 oil and gas blocks under its 2026 licensing round.
The Commission’s Chief Executive, Oritsemeyiwa Eyesan, announced that the digital bidding portal will officially open on November 20, 2026, inviting both local and international investors to participate in the exercise.
Eyesan made the announcement during a roundtable discussion at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi on November 2. She encouraged global investors to consider Nigeria as an investment destination, highlighting improvements in the country’s petroleum regulatory environment, security and fiscal incentives.
According to her, Nigeria is positioning itself to compete more effectively for international investment at a time when countries with petroleum resources are increasingly competing for limited global capital.
The 2026 licensing round offers 40 oil and gas blocks spread across onshore, shallow-water and deepwater locations. The exercise is designed to attract companies with the technical expertise and financial capacity needed to explore and develop Nigeria’s petroleum resources.
The licensing round was formally launched in October following presidential approval. The November 20 date marks the planned opening of the digital bidding portal, where interested investors will be able to participate in the process.
The NUPRC has also indicated that the exercise will include measures aimed at improving transparency, including clearer evaluation criteria, publication of results and disclosure of bidders’ beneficial ownership.
Speaking at the conference, Eyesan said Nigeria had introduced several measures to make its oil and gas industry more attractive to investors. These include improved fiscal terms, incentives to manage operating costs and efforts to strengthen security across oil-producing areas.
She also pointed to reforms introduced through the Petroleum Industry Act (PIA) of 2021 and subsequent presidential executive orders as important developments in improving the country’s investment climate.
However, Nigeria faces increasing competition from other oil-producing countries seeking international funding for exploration and production projects.
For investors, factors such as operating costs, regulatory uncertainty, project delays and security risks remain important considerations when deciding where to commit capital. The NUPRC says it is working to address these concerns and create a more predictable environment for investment.
Eyesan highlighted the country’s estimated 215 trillion cubic feet of gas reserves, noting that daily production remains relatively low at approximately seven billion cubic feet. She said recently completed infrastructure projects could help unlock additional gas supplies for domestic consumption and regional markets.
The proposed Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline were also identified as potential projects that could expand Nigeria’s access to international gas markets, including Europe. These developments could create opportunities for investment in gas exploration, production, transportation and infrastructure.
The success of the 2026 licensing round could have significant implications for Nigeria’s energy industry. Attracting new investors could support exploration activities, increase petroleum production, create employment opportunities and generate additional government revenue.
It could also strengthen Nigeria’s position in the international energy market, particularly as countries continue to compete for investment in oil and gas resources.
However, attracting investors is only one part of the challenge. The country will also need to ensure that successful bidders have the financial and technical capacity to develop the blocks and translate investment commitments into actual production.
With the bidding portal scheduled to open on November 20, attention will now turn to the level of interest Nigeria receives from local and international oil companies.
For Nigeria, the bigger test will be turning these investment opportunities into tangible economic benefits.
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