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Nigeria puts 40 oil blocks up for auction

By , based on Tribune Online

Nigeria puts 40 oil blocks up for auctionIllustrative image · GodwinPaya · CC BY-SA 4.0

Nigeria is offering 40 oil and gas blocks to investors as part of its 2026 licensing round. The bid submission portal will open on 20 November 2026, Oritsemeyiwa Eyesan, director-general of the Nigerian Upstream Petroleum Regulatory Commission, announced, according to Tribune Online.

Nigeria will auction 40 oil and gas blocks as part of its 2026 licensing round. The bid submission portal will open on 20 November, Oritsemeyiwa Eyesan, director-general of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced at the ADIPEC conference in Abu Dhabi, according to Tribune Online.

The NUPRC wants to attract new capital to exploration and production, drawing on a tax regime presented as more competitive, as well as security and cost-control measures. Eyesan attributed the improvement in the investment climate to the 2021 Petroleum Industry Act and executive orders signed by President Bola Tinubu.

The official said the commission had organised at least four successful licensing rounds between 2021 and 2026. She also presented gas as another major opportunity: Nigeria has about 215 trillion cubic feet of proven reserves, but its daily production remains limited to nearly 7 billion cubic feet, according to the NUPRC.

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