The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has said the Commission will launch a new oil licensing round by early October 2026, involving 13 unlicensed blocks returned to the pool from the previous bidding process.
Eyesan revealed this while outlining the regulator’s strategy to revive crude oil production and attract fresh investment into Nigeria’s upstream sector. She stated that the Commission’s objective was to sustain at least one licensing round annually as part of efforts to reverse Nigeria’s declining oil production.
According to her, the new licensing round would cover assets across Nigeria’s deepwater and shallow-water areas, with possible inclusion of frontier onshore basins, adding that the Commission was targeting between $30 billion and $50 billion in new investments in 22 deepwater projects by 2030.
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The NUPRC chief said the forthcoming round would not be targeted primarily at international oil majors, as she emphasised the emergence of successful indigenous operators such as Renaissance and First E&P following the exit of international oil majors such as Shell, ExxonMobil, TotalEnergies and Eni from parts of Nigeria’s onshore oil operations.
Eyesan stated that the Commission was focused on developing a new generation of operators capable of unlocking the potential of Nigeria’s inland oil-producing areas, saying Nigeria could resort to conducting annual or even twice-yearly bid rounds, with a turnaround time of between six and seven months.
While noting that the pace of licensing had increased substantially since the Petroleum Industry Act (PIA), with the number of assets offered rising from seven oil blocks in the 2022/23 mini bid round to 19 in 2024 and 50 in 2025, the NUPRC boss said the newly awarded concessions were expected to increase Nigeria’s oil production by about 300,000 barrels per day within their first three years, while subsequent licensing rounds could generate an additional 300,000 to 600,000 barrels per day.
The October licensing round will serve as another major test of the government’s efforts to attract capital, develop new operators and restore Nigeria’s position as a leading crude oil producer in Africa.