President Bola Tinubu on Tuesday, 21 July, 2026 approved the commencement of the 2026 oil and gas licensing round, with an aim to increase investment attraction and offer fresh opportunities to investors who may not emerge successful in the ongoing 2025 exercise.
The licensing round paves the way for the country’s third consecutive competitive bid round in recent years.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed the development in their separate addresses at the ongoing 2025 Commercial Bid Conference on Tuesday, 21 July, 2026 in Abuja.
The announcement came as the regulator commenced the opening of commercial bids submitted by qualified companies competing for oil and gas assets under the 2025 Licensing Round.
Addressing investors, Eyesan urged unsuccessful bidders not to be discouraged, stressing that Nigeria’s upstream petroleum sector extends far beyond the assets currently on offer.
Eyesan, who disclosed that President Tinubu had already authorised the commission to begin preparations for another licensing exercise next year, said, “Nigeria’s upstream industry offers opportunities beyond assets being considered today. And we encourage you to remain engaged.
Oritsemeyiwa Eyesan
“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,” he said.
She commended members of the multidisciplinary evaluation committee and staff of the commission for successfully steering the licensing exercise through its various stages.
According to her, “Let me at this point commend the multidisciplinary evaluation team and all staff of the commission who have worked tirelessly to ensure that we get to this point. I also recognize, once again, our partners, but the commission will continue to apply the published criteria fairly, consistently, and transparently.”
Lokpobiri, in his remarks, reaffirmed the President’s approval for another licensing round and assured investors that the government would continue to provide transparent opportunities for participation in Nigeria’s upstream sector.
The Minister encouraged companies that may not secure assets in the current exercise to prepare for the next round, saying the government remained committed to an open and competitive licensing process.
“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,” the Minister said, just as it also confirmed that the President had already approved another bid round.
“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.”
The Minister described Nigeria as one of the world’s most attractive investment destinations, citing the country’s strategic location and the changing global energy landscape.
“Nigeria, as of today, is one of the most attractive investment destinations in the world, given what has happened in the Gulf region between Iran and the U.S. And so these assets are among the most valuable assets that you can think of anywhere in the world because of Nigeria’s strategic location in the Gulf of Guinea,” Lokpobiri, just as he also reiterated that the Petroleum Industry Act had fundamentally changed the process of allocating oil blocks by eliminating discretionary awards.
“It’s also important for us to say, as CCE said, nobody knows the content of the commercial bid that you have bidded. And the PIA, I want to say, unfortunately, has prevented discretionary allocation of oil blocks.
“I wish I was a minister when the Petroleum Act was still in operation. I would have exercised my powers to discretionary allocate it to those I believe have the requisite financial and technical capacity to be able to develop these assets,” the Minister said.
He, however, said the current legal framework was designed to ensure that only companies capable of developing petroleum assets emerge successful.
The Minister, who warned against speculative acquisition of oil blocks without plans for development, said “I like what CCE said, that these licences that will be issued today, or that will be won today, shouldn’t be trophies as it has been in the past.
“In the past, I’ve seen people who go around all the conferences in the world wearing the nicest suits and looking for partners that never came. Partners will never come. Let the best win.”
The 2025 Licensing Round was announced by the Nigerian Upstream Petroleum Regulatory Commission on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks offered across seven sedimentary basins.
The assets include blocks located in the Niger Delta onshore and shallow offshore, deep offshore, Benin Basin, Anambra Basin, Chad Basin and the Benue Trough.
The licensing process commenced with the launch of the bid portal in December 2025, followed by a pre-bid conference, prequalification, technical evaluation and the commercial bid conference, which precedes the announcement of successful bidders.
The planned 2026 licensing round signals the Federal Government’s intention to sustain annual bid rounds aimed at attracting fresh investment, boosting exploration activities and increasing crude oil production under the fiscal and regulatory framework established by the Petroleum Industry Act.
Source: The Punch online
