Nigeria Offers 40 Oil Blocks to Attract Investment as Production Increases

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the availability of 40 oil blocks in a new licensing round for 2026. This move aims to attract fresh investment into Nigeria’s oil sector as production levels rise.

At a celebration marking its fifth anniversary in Abuja, NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan revealed that Nigeria’s oil and condensate production reached about 1.82 million barrels per day. This figure represents a significant increase from previous years, as the country works to enhance its petroleum resources.

The 40 blocks offered span various terrains, including land, shallow water, and deepwater areas. The commission is looking for investors who have the necessary technical skills and financial resources to develop these areas. Eyesan emphasized the importance of transparency in the bidding process, stating that all bidders must disclose their ownership and the methods used for evaluating bids will be published.

Since 2024, NUPRC has approved 120 oil and gas development plans, which are expected to bring in around $47.6 billion in investment. These projects could potentially add 1.74 million barrels of oil and nearly 14 billion cubic feet of gas to Nigeria’s production capacity.

Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, noted that production has significantly improved since the current administration took office in 2023, when output was around one million barrels per day. He expressed optimism that continued investment would lead to further increases in production.

Looking ahead, NUPRC aims to reach a production target of three million barrels of oil per day and 12 billion cubic feet of gas per day by 2030. The government is also working on initiatives to support economic growth through the oil sector, including tax incentives for new projects.