FG to open portal for oil well bidding Nov 20 – Daily Trust

The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed that the 2026 Licensing Round portal will formally open on November 20, 2026.

Speaking in the course of the 2026 ADIPEC Exhibition and Conference in Abu Dhabi, Eyesan informed traders that Nigeria provides a secure local weather amid the worldwide power pressure.

Eyesan due to this fact urged traders to look in the direction of Nigeria by benefiting from the 2026 Licensing Round which has 40 oil and gasoline blocks on supply.

“We expect traders to flip to Nigeria. We are getting into for one other licensing spherical and we can be launching our bid portal on November 20. We anticipate to see traders as a result of the atmosphere is much more aggressive.

“We have set a very attractive fiscal framework for investors. The entire environment is a lot more secure. We have been able to manage costs with a lot of incentives for investors and we expect to see investors take up the offer when we open the portal.”

In an announcement signed by NUPRC’s Head, Media and Corporate Communications, Eniola Akinkuotu, she acknowledged that because the passing of the Petroleum Industry Act in 2021 as well as the manager orders signed by President Bola Tinubu, Nigeria has seen an enchancment in its funding local weather.

Eyesan acknowledged that between 2021 and 2026, the NUPRC had held not less than 4 profitable licensing rounds which had introduced in additional investments into the nation.

This is a departure from the pre-PIA period the place licensing rounds weren’t frequent.

The CCE mentioned that Nigeria possesses enormous power potential because it sits on 215TCF of gasoline however each day manufacturing is barely 7bcf.

This presents a chance to traders particularly as key gasoline infrastructure as within the pipeline, she mentioned.

“The stars are already aligned. For gasoline infrastructure we simply accomplished very main infrastructure tasks that may unlock gasoline provide within the nation and the sub-region.

“We talk about two major projects on the drawing board to move gas through the Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline. Again, this gas will go somewhere in Europe and will also meet regional demands. So, Nigeria is positioned to meet not just domestic supply,” the CCE acknowledged.

Eyesan maintained that with many international locations discovering petroleum sources, the race for investments has change into extra aggressive.

She mentioned Nigeria was already forward of the sport because it had made sure modifications so as to entice the best capital.

“We understand that investors will prize execution risk, cost, delays and also uncertainty and so what we have done in Nigeria is to ensure that we guard against these risks and then attract the investment required to enable us unlock the huge resources we sit on,” the NUPRC boss mentioned.