Nigeria announces 2026 upstream licensing round offering 40 exploration blocks

On 7 October 2026 Nigeria’s Upstream Petroleum Regulatory Commission formally announced the 2026 Licensing Round, offering 40 exploration blocks across onshore, shallow-water and deepwater terrains and requiring disclosure of beneficial owners and fuller publication of evaluation results to attract investment.

The announcement can increase medium-term upside to Nigerian oil production and fiscal receipts if international and local bidders mobilise capital and commit to timely field development. Market transmission is conditional: awards, pledged capex and actual drilling/outcomes will determine sovereign and corporate credit implications; mere announcement does not imply immediate repricing of sovereign debt or oil-company bonds.

Publication of the full block list, bidding guidelines and timetable on the NUPRC licensing portal.