The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on international investors to participate in the 2026 oil and gas licensing round, offering 40 blocks for bidding. The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed that the portal for the licensing round would officially open on November 20, 2026. She expressed optimism that Nigeria would attract significant investor interest amid increasing competition for global energy investments. This announcement was made during a roundtable discussion at the 2026 Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi.
According to Eyesan, Nigeria has strengthened its regulatory and fiscal frameworks to create a more attractive environment for capital inflows. The country has set a very attractive fiscal framework for investors, and the entire environment is a lot more secure. The NUPRC chief executive attributed the improvement in Nigeria's investment environment to reforms introduced following the enactment of the Petroleum Industry Act in 2021 and executive orders signed by President Bola Tinubu. These reforms have strengthened the country's upstream petroleum regulatory framework.
The reforms have created conditions that encourage more frequent licensing activities and increased participation by investors. Between 2021 and 2026, the commission has conducted at least four successful licensing rounds, contributing to attracting additional investments into Nigeria's oil and gas industry. This is a significant improvement compared to the period before the enactment of the PIA, when licensing rounds were less frequent. The current regulatory environment has provided greater opportunities for investors to access the country's petroleum resources.
Nigeria's substantial gas reserves are a major investment opportunity, with approximately 215 trillion cubic feet of gas resources. However, daily production remains below seven billion cubic feet. The disparity between the country's enormous gas reserves and its current production levels presents considerable opportunities for investors. Ongoing infrastructure investments will support domestic gas availability and strengthen Nigeria's capacity to supply neighbouring countries and international markets.
Major infrastructure projects, such as the Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline, are expected to improve gas supply and distribution. These projects will unlock gas supply in the country and the sub-region, and the gas will also meet regional demands and be supplied to Europe. Nigeria is positioned to meet not just domestic supply but also regional and international demands. The commission chief executive acknowledged the intensifying competition among countries seeking to attract investment into their petroleum sectors.
Investors increasingly assess potential projects based on execution risks, operating costs, delays, and regulatory uncertainty before committing capital. Nigeria has taken deliberate steps to address these concerns through policy adjustments and improvements in its investment framework. The objective is to attract credible investors capable of developing the country's substantial hydrocarbon resources. The 2026 licensing round is expected to provide another opportunity for investors to participate in Nigeria's upstream petroleum sector.
The government seeks to increase exploration activities, expand hydrocarbon production, and maximise the economic value of its oil and gas resources. With 40 blocks available and the bidding portal scheduled to open on November 20, the commission is positioning the exercise as part of broader efforts to deepen investment, improve resource development, and strengthen Nigeria's competitiveness in the global energy market. The NUPRC is confident that the improved investment climate and attractive fiscal framework will attract significant investor interest.
Key points
- The Nigerian Upstream Petroleum Regulatory Commission will open the 2026 licensing bid portal on November 20, offering 40 blocks to prospective bidders.
- Nigeria has strengthened its regulatory and fiscal frameworks to create a more attractive environment for capital inflows.
- The country has substantial gas reserves of approximately 215 trillion cubic feet, presenting considerable opportunities for investors.
