The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that bidding for 40 oil and gas blocks under its 2026 licensing round will begin on November 20. The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the announcement on Monday during a roundtable discussion at the 2026 ADIPEC Exhibition and Conference in Abu Dhabi.
The discussion focused on “Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security.”
In a statement released by the Commission, Eyesan encouraged international investors to explore opportunities in Nigeria’s oil and gas industry. She said improved security, competitive fiscal terms and investment incentives had strengthened the country’s position as an investment destination.
She added that the Commission would open its bidding portal on November 20 and expressed confidence that the improved investment conditions would attract interested investors.
Eyesan said Nigeria had introduced an attractive fiscal framework, improved security across the operating environment and introduced incentives to help investors manage costs. She expects these measures to encourage more companies to participate in the licensing round.
Eyesan attributed the improvement in Nigeria’s investment climate to the Petroleum Industry Act (PIA), enacted in 2021, and executive orders signed by President Bola Tinubu.
She said the Commission had conducted at least four successful licensing rounds between 2021 and 2026, attracting investment into Nigeria’s oil and gas industry. She noted that this represented a shift from the period before the PIA, when the country held licensing rounds less frequently. According to her, the reforms have improved Nigeria’s ability to attract investment in upstream petroleum activities.
On Nigeria’s gas potential, Eyesan said the country holds an estimated 215 trillion cubic feet of gas reserves but produces only about seven billion cubic feet per day. She noted that the gap between available reserves and current production presents significant opportunities for investors.
She explained that recently completed and planned gas infrastructure projects would help increase production, improve domestic gas supply and expand Nigeria’s access to regional and international markets.
Eyesan identified the Nigeria-Morocco Atlantic Gas Pipeline and the Trans-Sahara Gas Pipeline as two major projects under consideration to transport gas to regional markets and Europe. She said these projects, alongside other infrastructure developments, would help Nigeria meet domestic demand while supplying gas to international markets.
The NUPRC chief executive also noted that competition for global energy investment had increased as more countries discovered petroleum resources and sought to attract international investors.
She said Nigeria was working to address key concerns that influence investment decisions, including project execution risks, operating costs, delays and policy uncertainty.
Eyesan explained that the Commission recognized these challenges and had introduced measures to reduce the risks associated with investing in Nigeria’s oil and gas sector. She said addressing these concerns would help attract the investment needed to develop the country’s substantial petroleum resources.
source: www.vanguardngr.com
African Energy Council