Tinubu approves new oil licensing round for 2026

President Bola Tinubu has given the green light for Nigeria's 2026 oil and gas licensing round, signaling a continued commitment to attracting foreign investment and providing fresh opportunities in the upstream petroleum sector. This move establishes Nigeria's third consecutive competitive bid round in recent years, following the ongoing 2025 exercise.

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Nigeria’s upstream industry offers opportunities beyond assets being considered today. And we encourage you to remain engaged.

The announcement was made by Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during the 2025 Commercial Bid Conference in Abuja. Eyesan urged companies that might not secure assets in the current round not to be discouraged, emphasizing that the upstream sector offers extensive opportunities beyond the currently available assets.

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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.

"Nigeria’s upstream industry offers opportunities beyond assets being considered today. And we encourage you to remain engaged," Eyesan stated. "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."

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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.

Minister Lokpobiri reaffirmed the President's approval and assured investors of the government's commitment to a transparent and competitive licensing process. He encouraged companies to prepare for the upcoming round, reinforcing the NUPRC's pledge to apply published criteria fairly and consistently. The commission also commended its evaluation team and staff for successfully managing the licensing process.

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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.