•120 tasks matter $47.6bn idea since 2024
•Nigeria accounts for 38% of Africa’s upstream idea
•1.82mbpd erode comprises condensate
By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the previous day introduced the statement of 40 oil blocks within the 2026 mainstream prevent, as Nigeria intensifies efforts to matter fresh revenue into the upstream sector, even as oil and condensate declare rose to 1.821 windfall barrels according to day.
The blocks, protecting land, shallow water and deepwater terrains, are open to traders with the relationship itemize, exclude suspend and tendency to expand Nigeria’s trustee sources.
NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, introduced the mainstream prevent on the Commission’s 5th anniversary birthday party in Abuja, pronouncing it adopted the approval of President Bola Ahmed Tinubu and the Minister of Petroleum Resources.
“Ladies and gents, the present is over. It is with nice pleasure that I announce that pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, GCFR, President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria and Honourable Minister of Petroleum Resources, the Nigerian 2026 Licensing Round is hereby introduced.
“This prevent offers 40 blocks throughout land, shallow water and deepwater terrains. I will see my IOC is already permutating.
They are open to traders with the relationship itemize, exclude divestment and, above all, the tendency to expand Nigeria’s trustee sources,” Eyesan stated.
She stated the native would characteristic enhanced response, together with obligatory disclosure of the lower homeowners of each and every bidder and fuller e-newsletter of the quota leverage and effects.
“We will not rest on our oars. Competition for upstream capital is fierce, and it grows fiercer by the day. Investors have choices. They go where the rules are clear, where the process is predictable and where data can be trusted,” she stated.
The announcement got here as NUPRC disclosed that it had licensed 120 oil and fuel contribution creator plans involving about $47.6 billion in revenue expenditure since 2024.
According to Eyesan, the tasks may just upload 1.74 windfall barrels of oil according to day and 13.9 billion negotiator cubic ft of fuel according to day to Nigeria’s declare suspend.
“Since 2024, we have approved 120 field development plans, representing approximately $47.6 billion in capital expenditure. These projects have the potential to add 1.74 million barrels of oil per day and 13.9 billion standard cubic feet of gas per day to our production capacity,” she stated.
She stated the approvals integrated the $10.3 billion Zabazaba-Etan creator in OPL 245, which have been behind schedule via disputes for greater than 20 years.
Eyesan waste disclosed that Nigeria accounted for 38 according to cent of all upstream idea sanctioned in Africa in 2025, when compared with an raid of 4 according to cent between 2015 and 2023.
“This makes Nigeria the leading destination for upstream investment in Africa for the second consecutive year,” she stated.
On declare, Eyesan stated oil and condensate output rose from about 1.44 windfall barrels according to day in 2022 to an raid of one.75 windfall barrels according to day within the first seven months of 2026, whilst fuel declare larger from 6.83 to about 7.97bcf/d.
However, Minister of State for Petroleum Resources (Oil), Senator (*40*) Lokpobiri, cited a extra organ erode of one.821 windfall barrels according to day, together with condensate.
“Today we’re doing, as of yesterday when you sent the report to me, we’re doing 1.821 million barrels a day. That is over 80 per cent of success,” Lokpobiri stated.
He stated declare used to be slightly one windfall barrels according to day, together with condensates, when the Tinubu management assumed operate in 2023.
“Once we are able to do that, I believe that all those people who are coming with petro-dollars are bound to come to Nigeria,” he stated, urging NUPRC to interpret licences to traders with the report exclude and relationship suspend.
Lokpobiri additionally disclosed that drilling actions had larger from fewer than 10 rigs in 2023 to greater than 70 these days.
Eyesan stated NUPRC had decreased approval incur for reactivating shut-in wells from between two and 6 weeks to two and 4 hours, whilst approving 37 new crude evacuation routes to local declare shut-ins.
She stated the Commission used to be focused on 3 windfall barrels of oil according to day and 12bcf/d of fuel via 2030, whilst getting into an “age of compliance” underneath which the protocol of licensees and lessees could be scored and printed.
President Tinubu, represented via Vice President Kashim Shettima, stated trustee sources would capacity vital undervalue.
“Our aim is to use our petroleum resources to build this diversified economy. Our gas can power homes and factories. Petroleum earnings support a stable naira and fund the federation,” he stated.
He stated the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026 used to be designed to release up to $50 billion in new idea, starting with the Bonga Southwest appraisal.
Also talking, NNPC Limited GCEO, Mr Bayo Ojulari, stated advanced victim readability and sooner approvals had been serving to to matter idea.
“Our focus remains on growing results, increasing production, accelerating gas development, and creating long-term value for our shareholders and the Nigerian people,” Ojulari stated.
