FG opens bid for 40 oil blocks, mandates beneficial owners’ disclosure

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the start of bidding for the 2026 oil licensing round, with 40 blocks available across land, shallow water, and deepwater terrains. The NUPRC CEO, Oritsemeyiwa Eyesan, said the bidding guidelines will require disclosure of beneficial owners of every bidder, and that evaluation methodology and results will be published more fully. The announcement followed approval by President Bola Tinubu and the Minister of Petroleum Resources. The blocks will be open to investors with the required technical competence, financial capacity, and commitment to develop Nigeria's petroleum resources.

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