The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to commence the 2026 oil licensing round by the third quarter of the year, following approval from Nigerian President Bola Tinubu.
The planned licensing exercise is expected to open new opportunities for investors and strengthen Nigeria’s position as a competitive destination for upstream oil and gas capital.
The Chief Executive of the NUPRC, Dr. Oritsemeyiwa Eyesan, said during the meeting with Meren Energy (formerly Africa Oil) at the commission’s headquarters in Abuja that the commission was finalising preparations for the 2026 licensing round and that the process would follow the provisions of the Petroleum Industry Act (PIA).
“We are fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round. We are in the process of finalising the launch, which will happen by the third quarter at the latest,” she said.
She disclosed that the ongoing 2025 licensing round had recorded increased investor participation, describing the response as evidence that reforms in the Nigerian oil and gas industry were improving confidence among global energy players.
According to her, rising investment interest and improved production performance indicate that Nigeria’s upstream sector is becoming more attractive under the current regulatory framework.
In his speech, the Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said that recent industry reforms had encouraged the company to deepen its investments in Nigeria.
Quinn described Nigeria as the company’s top African investment destination, citing the quality of major assets including Agbami, Akpo and Egina fields.
He said that Meren Energy had invested about $11 billion in capital expenditure on these assets over two decades, while approximately $4 billion had been paid in taxes and royalties.
“Nigeria remains the core of our business today because of the quality of these assets,” Quinn said.
He added that the company was engaging partners to increase investment and raise production levels from existing assets.
Meren Energy also confirmed its commitment to Nigeria’s domestic crude supply obligations, noting that it was the first company in the country to supply crude oil to the Dangote Refinery.
GIK/APA