President Bola Tinubu has approved the commencement of the 2026 oil and gas licensing round as part of efforts to sustain investment inflows into Nigeria’s upstream petroleum sector and provide fresh opportunities for investors who may not secure assets in the ongoing 2025 exercise.
The approval paves the way for Nigeria’s third consecutive competitive licensing round in recent years.
The development was announced on Tuesday in Abuja by the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, and the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the 2025 Commercial Bid Conference.
The announcement came as the commission commenced the opening of commercial bids submitted by pre-qualified companies competing for oil and gas assets under the 2025 Licensing Round.
Addressing investors, Komolafe urged unsuccessful bidders not to lose hope, noting that Nigeria’s upstream petroleum industry offers opportunities beyond the assets currently being offered.
He disclosed that President Tinubu had already authorised the commission to begin preparations for the 2026 licensing exercise.
“Nigeria’s upstream industry offers opportunities beyond the assets being considered today, and we encourage you to remain engaged,” he said.
“I also want to reiterate that President Bola Tinubu has approved the commencement of the 2026 bidding round. So, all hope is not lost. The lessons learned from this exercise can be applied in the next one.”
Komolafe commended members of the multidisciplinary evaluation committee and staff of the commission for successfully conducting the licensing process through its various stages.
He assured investors that the commission would continue to apply the published evaluation criteria fairly, consistently and transparently.
In his remarks, Lokpobiri reaffirmed the President’s approval for another licensing round and assured investors of the Federal Government’s commitment to maintaining a transparent and competitive bid process.
He encouraged companies that may not emerge successful in the current exercise to prepare for the next round.
“If you do not make it today, you may succeed tomorrow. We value every investor, and the government remains committed to providing equal opportunities,” the minister said.
Lokpobiri also confirmed that President Tinubu had approved the 2026 licensing round, describing it as another opportunity for investors to participate in Nigeria’s oil and gas sector.
The minister described Nigeria as one of the world’s most attractive investment destinations, citing its strategic location in the Gulf of Guinea and evolving dynamics in the global energy market.
He also noted that the Petroleum Industry Act (PIA) had transformed the allocation of oil blocks by eliminating discretionary awards and introducing a transparent, competitive licensing framework.
According to him, the current legal regime is designed to ensure that only companies with the financial and technical capacity to develop petroleum assets emerge successful.
Lokpobiri cautioned against the speculative acquisition of oil blocks without plans for development, stressing that licences should be used to increase production rather than serve as status symbols.
He urged prospective winners to focus on developing the assets and contributing to Nigeria’s energy growth.
The 2025 Licensing Round was announced by the NUPRC on November 11, 2025, in line with the provisions of the Petroleum Industry Act 2021.
The exercise covers 50 oil and gas blocks spread across seven sedimentary basins, including the Niger Delta onshore and shallow offshore, deep offshore, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough.
The licensing process began with the launch of the bid portal in December 2025 and has progressed through pre-bid engagements, prequalification, technical evaluations and the ongoing commercial bid conference, ahead of the announcement of successful bidders.
