NUPRC Chief Executive, Oritsemeyiwa Eyesan, announced the new licensing exercise in Abuja during the commission's fifth anniversary celebration, as the regulator continues its push for more predictable and regular access to Nigeria's petroleum acreage.

The blocks on offer cover land, shallow-water and deepwater terrains, giving prospective investors opportunities across different parts of Nigeria's upstream petroleum sector.

Eyesan said the licensing round followed approval from President Bola Tinubu, who also serves as Nigeria's Minister of Petroleum Resources.

The commission is targeting investors with the technical expertise, financial strength and commitment required to explore and develop the assets.

NUPRC is also promising greater transparency in the latest bidding process. According to the commission, the guidelines will provide details of the evaluation methodology, support fuller publication of bid results and require disclosure of the beneficial owners behind participating companies.

The regulator is expected to release further information on the individual blocks, qualification requirements and procedures for participation through its official channels and dedicated licensing platform.

The latest exercise comes shortly after Nigeria concluded its 2025 Licensing Round, which attracted significant interest from local and international investors.

During that process, 143 companies submitted about 200 bids, while 31 companies emerged successful bidders for 37 oil and gas blocks. The exercise also generated interest in frontier areas beyond Nigeria's traditional producing zones, including the Anambra Basin, Benue Trough, Chad Basin and Benin Basin.

The 2026 round therefore represents another opportunity for Nigeria to attract fresh capital into exploration and production while building a more consistent pipeline of investment opportunities.

Eyesan has previously said the commission wants licensing rounds to become regular and predictable rather than occasional exercises. NUPRC has indicated that future rounds could be held annually, or potentially more frequently where circumstances allow.

The commission is also looking beyond simply awarding acreage. Its stated focus includes increasing actual production from awarded assets and ensuring investors move from securing licences to exploration, development and production.

NUPRC has identified significant shut-in production as one area with potential to boost output. Eyesan previously said the commission was working to restore more than 788,000 barrels per day of shut-in production identified across 63 operators, while also seeking to advance major offshore projects towards final investment decisions.

The regulator is simultaneously pursuing measures to improve domestic gas delivery, an area considered important for Nigeria's energy security and industrial development.

The new licensing round is also attracting attention from international investors. In September, NUPRC said Indonesia's state-owned energy company, Pertamina, had expressed interest in Nigerian oil assets and the upcoming 2026 licensing round.

For Nigeria, the success of the latest round will ultimately be measured not simply by the number of companies that participate or blocks that are awarded, but by how quickly successful investors commit capital, drill wells and bring commercially viable production online.

The NUPRC has maintained that greater transparency, predictable licensing processes and clearer regulatory rules are essential to rebuilding investor confidence in Nigeria's upstream petroleum industry.

With 40 blocks now available, the 2026 Licensing Round gives both Nigerian and international investors another opportunity to participate in the country's oil and gas sector while the government seeks to increase production and strengthen long-term energy security.

Reporting by TalkNaijaMedia