Tinubu Approves 2026 Oil Block Licensing Round as Nigeria Targets Fresh Upstream Investment Surge

Nigeria is set for a new wave of oil sector activity as President Bola Tinubu has approved the 2026 oil block licensing round, signaling renewed efforts to attract investment into the country’s upstream petroleum industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the approval as part of ongoing reforms aimed at boosting production and competitiveness.

According to the Commission, the 2026 licensing exercise is expected to officially launch by the third quarter of the year, following preparations already underway for the 2025 bid round. The commercial bidding process for the 2025 cycle is scheduled for July, setting the stage for a smooth transition into the next phase of asset allocation.

Speaking during a stakeholder visit in Abuja, the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, said investor confidence in Nigeria’s oil and gas sector is gradually strengthening. She noted that increased participation in the current licensing round reflects growing trust in reforms introduced under the Tinubu administration.

Eyesan added that the success of the ongoing 2025 bid round would be critical in shaping the 2026 exercise, describing it as a “make-or-break point” for sustaining momentum in upstream investment. She emphasized that the government is focused on maintaining stability and attracting long-term capital into the sector.

Meanwhile, global energy firm Meren Energy reaffirmed its commitment to Nigeria, describing the country as a core part of its African investment strategy. The company highlighted its long-term operations in major oil fields and expressed readiness to deepen investment, support production growth, and participate in future licensing rounds as Nigeria pushes to increase output amid global energy transition pressures.

source: punch