Market News

LAGOS, Oct 7 (Reuters) – Nigeria’s oil regulator on Wednesday released 40 oil and gas blocks for bidding after receiving approval from President Bola Tinubu, who doubles as the minister of petroleum resources.

Here are some details:

• In the latest round, 40 oil and gas blocks spanning land, shallow water and deepwater terrains will be offered. A detailed list and participation criteria will be published on a dedicated licensing-round portal and the website of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
• Oritsemeyiwa Eyesan, head of the NUPRC, said on Tuesday that the 2026 round will include the mandatory disclosure of beneficial owners of all bidding companies, fuller publication of evaluation methodology, greater disclosure of bidding results and additional transparency measures to improve investor confidence.
• Nigeria is competing for global upstream capital and attempting to revive oil output, which has for years been constrained by underinvestment, theft and operational challenges.
• Eyesan said Nigeria’s immediate priorities include restoring about 788,000 barrels per day of shut-in production identified across 63 operators, advancing offshore projects valued at between $30 billion and $50 billion towards final investment decisions and increasing domestic gas supply.