Fidelia Soriwei, Abuja
President Bola Tinubu has approved the commencement of Nigeria’s 2026 oil and gas licensing round, signalling the government’s plan to sustain annual bid exercises aimed at attracting fresh investment into the upstream petroleum sector.
The approval was announced on Tuesday in Abuja during the 2025 Commercial Bid Conference, where the Nigerian Upstream Petroleum Regulatory Commission began opening commercial bids submitted by companies competing for oil and gas assets under the current licensing round.
Speaking at the event, the Commission Chief Executive of NUPRC, Oritsemeyiwa Eyesan, urged companies that may not emerge successful in the ongoing exercise to remain engaged with opportunities in Nigeria’s oil and gas industry.
She said, “Nigeria’s upstream industry offers opportunities beyond assets being considered today. And we encourage you to remain engaged.
“And I want to reiterate that His Excellency President Bola Tinubu has given the commission the approval to commence the 2026 bidding round. So, all hope is not lost. Lessons learned from this exercise, you can utilise in the next exercise.”
Eyesan also commended members of the evaluation committee and commission staff for their role in advancing the licensing process, assuring investors that published criteria would continue to be applied fairly and transparently.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed the President’s approval and encouraged unsuccessful bidders to prepare for future opportunities.
He said, “Distinguished ladies and gentlemen, on this note, I wish the Commission and all, like the CCE has said, if you can’t make it today, you’ll make it tomorrow.
“We value all of you. If you can’t make it today, you’ll make it tomorrow. She has said it, and you will stand by it. The ministers will stand by her. Congratulations.”
Lokpobiri added, “I am very happy that we have a third one already approved, which she has already announced. And like my colleague said, if you don’t win in this bid round, pray that you win the next bid round.”
He also reiterated that the Petroleum Industry Act had ended discretionary allocation of oil blocks and stressed that successful bidders should be companies with the capacity to develop petroleum assets rather than hold licences for speculative purposes.
The 2025 Licensing Round, announced by the NUPRC in November 2025 under the Petroleum Industry Act 2021, covers 50 oil and gas blocks across seven sedimentary basins, including the Niger Delta, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough. The exercise forms part of efforts to boost exploration, attract investment and increase crude oil production.
