The Federal Government has announced a new licensing round offering 40 oil blocks across land, shallow water and deepwater areas.

The Nigerian Upstream Petroleum Regulatory Commission says the 2026 licensing round is aimed at attracting fresh investment into the country’s oil and gas sector.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, says Nigeria’s crude oil and condensate production has increased to 1.82 million barrels per day, up by more than 80 per cent since 2023.

The NUPRC also says it has approved 120 oil and gas field development plans since 2024, involving about 47-point-six billion dollars in capital commitments.

The commission says the projects could eventually add 1.74 million barrels of oil and 13-point-nine billion standard cubic feet of gas per day to Nigeria’s production capacity.

For the new licensing round, bidders will be required to disclose their beneficial owners, while the evaluation process and results will be published in greater detail.

The NUPRC says the exercise will prioritise transparency and competitive bidding, with successful investors expected to develop the assets rather than simply hold the licences.