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Industries
Nigeria's upstream oil regulator said on Wednesday the country will start its 2026 oil licensing round in the third quarter after securing ministerial approval, as it seeks to sustain investor interest in the sector. The move highlights Nigeria's push to run back-to-back licensing rounds to sustain upstream investment momentum in Africa's top oil producer.
Nigerian Upstream Petroleum Regulatory Commission chief Oritsemeyiwa Eyesan said the commercial bid phase of this year's round will take place in July, with the 2026 round to follow shortly. Eyesan said rising investment and oil output pointed to a more attractive sector after recent policy moves to stabilise operations and draw in capital.
The regulator's announcement comes as Nigeria works to maintain its position as a leading oil producer on the continent. Successive licensing rounds are designed to keep investment flowing into the upstream sector.
Nigeria lowered the entry barriers to attract investors for the latest oil round. The policy changes reflect the government's effort to make the sector more competitive and accessible to international oil companies.
Recent policy moves have focused on stabilising operations and addressing regulatory challenges that previously deterred investment. The commission believes these reforms have improved the sector's attractiveness to potential investors.
The timing of the 2026 round follows the commercial bid phase of the current year's licensing exercise. This sequential approach ensures continuous engagement with the industry and maintains momentum for upstream development.
