BY CHIKA OKEKE, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has offered interested investors in the oil and gas sector attractive incentives for the 40 oil and gas blocks ahead of the 2026 licensing round.
This is even as the commission insisted that Nigeria has stable climate for investment despite the global energy tension, calling on investors to utilise the opportunities in the midstream and downstream sector to establish viable businesses.
Chief Executive of NUPRC, Oritsemeyiwa Eyesan stated this at a roundtable discussion during the 2026 Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi, with the theme: “Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security.”
Head of Media and Corporate Communications of the NUPRC, Eniola Akinkuotu informed journalists in Abuja, that the bidding portal for the licensing round would officially open on third week of November, adding that Nigeria is secured for investment.
The statement read, “The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Oritsemeyiwa Eyesan, has told investors that Nigeria offers a stable climate amid the global energy tension and therefore urged investors to look towards Nigeria by taking advantage of the 2026 Licensing Round, which has 40 oil and gas blocks on offer. She also disclosed that the licensing round portal will officially open on November 20, 2026.”
“We are expecting investors to turn to Nigeria. We are going in for another licensing round, and we will be launching our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive.
“We have set a very attractive fiscal framework for investors. The entire environment is a lot more secure. We have been able to manage costs with a lot of incentives for investors, and we expect to see investors take up the offer when we open the portal.”
Eyesan informed that the 2026 licensing round presents an opportunity by the Federal Government to attract fresh capital into the upstream petroleum sector, increase exploration activities and boost crude oil and gas production.
Nigeria had struggled to attract sufficient investment into the oil industry for decades given regulatory lapses, insecurity, crude oil theft, pipeline vandalism, high operating costs and delays in project approvals.
Eyesan attributed the improvement in the sector to the Petroleum Industry Act, signed into law in 2021, and executive orders introduced by President Bola Tinubu to address pitfalls in the petroleum industry.
She disclosed that the reforms helped to improve the regulatory environment and positioned Nigeria to compete more effectively for investments.
Eyesan pointed out that NUPRC had conducted at least four successful licensing rounds between 2021 and 2026, as against less licensing rounds before the enactment of the PIA.
Nigeria’s vast gas reserves also presented significant investment opportunities, particularly as the country seeks to expand domestic supply and develop export infrastructure.
Currently, Nigeria has about 215 trillion cubic feet of gas reserves, while daily production remained below seven billion cubic feet, highlighting the gap between the country’s resource potential and actual output.
The CE stated that the completion of major gas infrastructure projects would help unlock supply and create opportunities for investors seeking to participate in the development of the country’s gas industry.
She added: “The stars are already aligned. For gas infrastructure, we just completed very major infrastructure projects that will unlock gas supply in the country and the sub-region.
“We talk about two major projects on the drawing board to move gas through the Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline. Again, this gas will go somewhere in Europe and will also meet regional demands. So, Nigeria is positioned to meet not just domestic supply.”
The US$25 billion proposed Nigeria-Morocco Atlantic Gas Pipeline and Trans-Saharan Gas Pipeline are among the major regional projects expected to connect Nigeria to gas markets across the region and Europe. It is also expected to strengthen the country’s position as a leading gas supplier while expanding access to energy markets across the continent.
Eyesan acknowledged that competition for investments had intensified as more countries sought to develop their petroleum resources and attract international oil companies.
She hinted that Nigeria is responding to the changing investment environment by addressing the concerns that mitigate investment decisions, including project execution risks, costs, delays and regulatory uncertainty.
The CE said: “Investors are increasingly selective about where they commit capital, making it necessary for Nigeria to provide a predictable business environment and remove obstacles to project development.
“We understand that investors will prize execution risk, cost, delays and also uncertainty and so what we have done in Nigeria is to ensure that we guard against these risks and then attract the investment required to enable us unlock the huge resources we sit on," she added.
The 2026 licensing round marks a departure from the age-long systems of redundant investment in the industry, accompanied by shortage of crude supply and absence of enabling environment for investors.
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