Nigeria has launched its 2026 oil and gas licensing round, offering 40 blocks across onshore, shallow-water and deepwater areas as the country seeks to attract new investment and increase exploration and production.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the round on Tuesday following approval from President Bola Tinubu and the petroleum ministry. The blocks are open to investors with the technical expertise, financial capacity and commitment required to develop Nigeria’s petroleum resources.

The regulator said the new bidding process would include measures aimed at improving transparency and predictability. Companies taking part will be required to disclose their beneficial owners, while the evaluation methodology and results will be more fully published. The NUPRC said these measures are intended to help Nigeria compete for upstream capital as investors have an increasing number of jurisdictions to choose from.

The new round follows Nigeria’s 2025 licensing exercise, in which 31 companies emerged as winners of 37 blocks after 143 companies submitted about 200 bids. The previous process also attracted interest in frontier areas including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin.

The NUPRC is also seeking to raise production by restoring more than 788,000 barrels per day of shut-in output identified across 63 operators. The regulator said it is working to move offshore projects worth an estimated $30 billion to $50 billion toward final investment decisions, while increasing domestic gas deliveries.

Nigeria has set a target of reaching 3 million barrels per day of oil production by 2030. The 2026 licensing round is part of the government’s broader effort to attract capital, develop new petroleum resources and ensure that awarded licences translate into actual exploration and production.