NUPRC Hints at Fresh Licensing Round, Says Nigeria, Others Expect $50bn Investment in 2026

• Lokpobiri wants needless middlemen in energy sector eliminated

•NNPC pledges support for indigenous capacity

Emmanuel Addeh and Peter Uzoho in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday hinted that a fresh licensing round would open this 2026, explaining that the country is progressing with the ongoing 2025 bid round where 50 oil blocks are on offer.

The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, who spoke in Lagos during a keynote address and a panel session at the ongoing Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC) 2026, noted that Africa’s energy investment outlook has significantly improved over the past three years, with the continent’s slice of global capital expenditure growing from 4 per cent to 8 per cent.

At the programme organised by the Petroleum Technology Association of Nigeria (PETAN), with the theme: “A Decade of Driving Africa’s Energy Future”, Eyesan explained that the rise in the expected investment in Nigeria and selected African countries represent between $48 billion to $50 billion in 2026.

She admitted that the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and the Petroleum Industry Act (PIA) have helped in opening the industry to attract financing, leading to the conduct of licensing rounds in quick succession.

“The NUPRC is finalising the 2024 bid round. We will be getting the final awards any time soon. We are in the process of progressing the 2025 bid round. And we have a clear line of sight to the 2026 bid round. I don’t recall any time in my over 30 years in this industry that this rapidity of opening the industry is happening”, Eyesan said during the panel session.

At the panel moderated by foremost geologist and Executive Chairman of AA Holdings, Mr. Austin Avuru, the NUPRC chief recalled that for over 70 years as an oil and gas producing nation, Nigeria has gone through several phases of development.

Also during the keynote, she noted that Africa’s energy investment outlook has risen, with the continent now capturing a larger percentage of global capital expenditure. “Of the $520 billion projected in worldwide capital investment this year, Africa expects to attract between $48 billion and $50 billion, over 8 per cent of the total. This is a significant increase from previous years when it was below 4 per cent,” she stated.

Eyesan urged global investors to capitalise on opportunities in Nigeria’s 2025 licensing round, emphasising that recent reforms under the Petroleum Industry Act 2021 provide a predictable, transparent, and investor-friendly framework for upstream development.

According to Eyesan, the licensing round is designed to unlock Nigeria’s upstream potential under a more predictable and investor-friendly regulatory framework established by the Petroleum Industry Act (PIA) 2021.

The NUPRC boss added that Nigeria is leveraging the momentum of renewed global interest in Africa’s hydrocarbons to attract credible investors into its upstream sector.

“To facilitate resource access, Nigeria has launched the 2025 licensing round, offering 50 oil and gas blocks across various terrains. This initiative reflects a targeted approach to responsible resource development. We invite capable investors to participate and help realise Nigeria’s promising upstream potential,” Eyesan stated.

She attributed the resurgence to renewed investor interest in frontier and established basins, particularly in Nigeria, Namibia, Mozambique and other prolific African plays. Beyond foreign investment, Eyesan stressed the importance of domestic and regional capital formation as a stabilising force for Africa’s energy future.

“As we work to draw in more external investment, encouraging capital formation within Africa remains essential. Domestic capital brings stronger commitment and stability, creating more opportunities for development,” the CCE said.

Declaring the event open, the Minister of State for Petroleum (Oil) Heineken Lokpobiri, highlighted the need to cut off the huge number of middlemen in Nigeria’s oil and gas sector, pointing out that it was reflecting in the high cost of crude production per barrel.

“What I don’t want is for us to continue to be middlemen…So, you need to eliminate the bad eggs amongst you who want to be perpetually middlemen, increasing the cost…this has raised our cost of production. Our cost of services is higher. And I’ve always come back to PETAN to say, look, what is the solution to this? I don’t want to be embarrassed all the time,” he stated.

He also dismissed insinuations that Nigeria will jettison its hydrocarbon resources, explaining that rather than energy transition, what the world is focused on now is energy mix.

“You will agree with me that global discussions have shifted from energy transition to energy resource…I’m now saying the continent should be talking about energy mix, instead of energy transition. After all, you and I know that the entire African continent contributes only less than 4 per cent.

“The United Kingdom contributes 4.8 per cent. U.S. and China, they account for over 50 per cent…Oil and gas will stay. So why should the victims cry louder than the sinners? The records have always contended that Africa’s solution lies with Africans,” the minister emphasised.

In his remarks, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, noted that the national oil company will continue to support local content in the Nigerian energy sector.

Joining virtually, Ojulari said: “I’m confident that SAIPEC 2026 will be as ambitious and impactful as ever. The conversations you are driving, from gas development and investment, to looking at content, inclusion and youth development, speak directly to our realities.

“At the NNPC, we remain committed to playing our part, strengthening partnerships, supporting indigenous capacity, advancing gas as a catalyst for industrialisation and ensuring that Africa’s energy story is one of creation, responsibility and opportunity.”

Chairman of PETAN, Wole Ogunsanya, in his welcome address, said that one of the most profound achievements of the past decade has been the rise of indigenous capacity across Africa’s energy value chain.

“In Nigeria, the impact of local content policies and deliberate capacity development is evident. Indigenous companies now lead in: Drilling and well services: engineering, fabrication, and construction; asset acquisition and field development and technology deployment and innovation,” he stated.

According to him, PETAN members have evolved from service providers to strategic partners, delivering complex projects to international standards. However, he stated that sustaining this progress requires: consistent policy implementation; access to financing; contract sanctity and timely project execution as well as stronger collaboration between operators and service companies.

Besides, Ogunsanya argued that the next decade must be defined by investment and execution explaining that Africa needs capital and capital also needs confidence.

“This confidence is built on: Regulatory clarity and stability; transparent processes; competitive fiscal frameworks and bankable projects,” he added.