The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced its readiness to launch the 2026 licensing round by the third quarter, injecting new momentum into the nation’s oil and gas sector. This initiative is supported by a significant investment commitment from Meren Energy.
The announcement follows the approval of the Minister of Petroleum Resources, in accordance with the Petroleum Industry Act. Oritsemeyiwa Eyesan, Chief Executive of NUPRC, expressed satisfaction with the ongoing 2025 Licensing Round, noting that the commercial bid would take place in July, preceding the commencement of the next licensing round.
Eyesan made these remarks during a visit by Meren Energy (formerly Africa Oil) to the NUPRC headquarters in Abuja. She highlighted the increased participation in the 2025 Licensing Round as evidence that Nigeria is progressing in the right direction. The rise in investments and production, she stated, demonstrates that Nigeria’s oil and gas sector has become attractive under President Bola Tinubu.
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round. So, we are in the process of finalising the 2026 launch which will happen latest by the third quarter. So, this is the make or break point and we want to make sure we make it,” Eyesan stated.
Oliver Quinn, Group CEO of Meren Energy, commented that the current reforms have inspired the company to increase its investments in Nigeria, leading to its interest in asset divestments and licensing rounds. Quinn revealed that Africa is Meren Energy’s investment priority, with Nigeria ranking as number one.
“We have operated in Agbami, Akpo and Egina world class fields. I think till date, in 20 years about $11bn in capital from our side has gone into these assets and about $4bn has gone to tax and royalties,” Quinn said. He added, “Nigeria remains the core of our business today because of the quality of these assets.”
Quinn further stated that Meren Energy is encouraging its partners to deepen investments and increase overall production from these assets. The company was the first in Nigeria to sell crude oil to the Dangote refinery and intends to continue fulfilling its Domestic Crude Supply Obligation, provided the price remains favourable.
