NUPRC targets 788,000bpd shut-in production, $50bn offshore investments

By Onu Okorie

Nigerian Upstream Petroleum Regulatory Commission NUPRC has unveiled 40 oil and gas blocks for the 2026 licensing round, seeking to attract fresh investments into Nigeria’s petroleum industry while strengthening transparency and boosting crude oil production.
Advancing offshore projects estimated at between $30 billion and $50 billion to final investment decision would mark an important step towards converting proposed investments into committed capital expenditure.
With 40 blocks now available for bidding, the licensing round will test the industry’s appetite for new petroleum assets and the regulator’s ability to translate transparent allocation procedures into fresh investment, higher production and improved domestic gas supply.
The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, announced the licensing round at the commission’s fifth anniversary celebration in Abuja, where she invited qualified Nigerian and international investors to participate in the competition for the blocks.
Our focus will be on what moves the numbers: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30 billion to $50 billion to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” she said.
The targeted recovery of more than 788,000 barrels per day of shut-in production represents a significant opportunity to increase output from existing assets, although actual gains will depend on operators resolving the technical, commercial and operational constraints affecting production
Eyesan said the exercise, approved by President Bola Ahmed Tinubu, would cover onshore, shallow-water and deepwater terrains, offering opportunities to investors with the technical expertise and financial capacity to develop the country’s petroleum resources.
She said the commission would publish detailed information on the blocks, qualification requirements and participation procedures on its website and a dedicated licensing round portal in the coming days.
“It is with great joy that I announce that, pursuant to the approval of His Excellency, President Bola Ahmed Tinubu, the Nigeria 2026 Licensing Round is hereby formally launched,” she said.
The licensing exercise comes as the regulator seeks to unlock dormant production capacity, advance major offshore projects and increase domestic gas supply, positioning the upstream sector to attract capital and contribute more substantially to national revenue.
Eyesan said the commission would also strengthen transparency in the bidding process by incorporating recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI) into the licensing guidelines.
According to her, the guidelines will fully disclose the evaluation methodology, provide for more comprehensive publication of results and require bidders to disclose their beneficial owners.
The measures are intended to improve accountability and give investors greater clarity on the rules governing the allocation of petroleum assets.
Inviting prospective investors to participate, Eyesan said: “So, I invite qualified Nigerian and international investors to come and compete. Bring your best ideas, your best partners and your best bids. May the best bids win.”
Beyond the licensing round, the NUPRC chief outlined production recovery and investment mobilisation as immediate priorities for the upstream industry.
She said the commission would pursue regular and predictable licensing while concentrating on measures capable of delivering measurable increases in production and investment.
The commission also intends to close the gap between domestic gas supply obligations and actual deliveries, a priority for industries and power generation companies that depend on reliable gas supplies.
Speaking on the sector’s development over the past five years, Eyesan said the upstream petroleum industry had undergone positive changes, which she attributed to greater transparency and predictability introduced by the Petroleum Industry Act (PIA) and executive orders issued by President Tinubu.
The fifth anniversary celebration was themed, “From Uncertainty to Stability: Unlocking the Next Phase of Investment.”
The event also recognised the contributions of former directors of the defunct Department of Petroleum Resources (DPR), the pioneer leadership of the NUPRC and former National Assembly leaders who played important roles in the passage of the PIA.
Among those honoured were former Senate President Ahmad Lawan and former Speaker of the House of Representatives, Femi Gbajabiamila.
The commission also unveiled a special edition of its in-house magazine, The Upstream Gaze, and a documentary chronicling its journey over the past five years.