Africa’s upstream oil and gas licensing sector is undergoing a massive revival in 2026, driven by aggressive regulatory reforms, revamped fiscal terms, and a continental surge in exploration capital targeting deepwater and frontier basins. Total upstream capital expenditure across Africa is projected to reach $41 billion in 2026. This resurgence represents a major turning point, reversing decades of underinvestment and positioning the continent as a premier global hub for oil and gas developmentKey Licensing Rounds Driving the RevivalGovernments across the continent are launching back-to-back bid rounds with heavily modernized frameworks to lock in international oil companies (IOCs) and domestic independent operators.
Nigeria: Leading the charge, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that its 2026 licensing round will launch by Q3 2026. This follows the commercial bid phase of its previous round in July. Under the Petroleum Industry Act (PIA), Nigeria is lowering entry barriers to auction off numerous onshore, shallow-water, and deepwater blocks to rapidly boost production.
Equatorial Guinea: The country is aggressively marketing EG Ronda 2026, an expansive licensing round offering 24 upstream blocks. Backed by brand-new seismic data, the round features highly favorable, fast-tracked cost-recovery structures designed to maximize exploration profitability in moderate-to-deep waters.
Libya: Marking its return to the global stage for the first time in nearly two decades, Libya reopened its upstream sector under heavily revised production-sharing terms. It successfully awarded critical exploration blocks to majors like Chevron, Eni, and QatarEnergy.
Algeria: Re-energized by its 2019 Hydrocarbon Law, Algeria successfully concluded its first massive bid round in a decade. The state awarded five out of six blocks on newly optimized royalty and production-sharing models.
Delays have cleared for extensive licensing rollouts in Angola, Tanzania, Sierra Leone, and Congo, all of which are advancing new onshore and offshore acreage bids.
Cameroon also successfully wrapped up its 9-block bid round.
Note by Alessandro Bazzoni