The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says the 2026 Licensing Round will begin no later than the third quarter of 2026 after receiving approval from the Minister of Petroleum Resources in line with the Petroleum Industry Act.
The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this during a meeting with Meren Energy at the commission’s headquarters in Abuja on Wednesday.
She expressed satisfaction with the progress of the 2025 Licensing Round and confirmed that the commercial bidding stage will take place in July. According to her, the next licensing round will begin shortly after the conclusion of the current process.
Nigeria’s Oil Sector Attracting More Investment
Eyesan said rising investment levels and increased crude oil production show that Nigeria’s oil and gas sector has become more attractive under the administration of President Bola Tinubu.
She noted that ongoing reforms have helped improve investor confidence and created new opportunities across the upstream petroleum sector.
Meren Energy Plans More Investments in Nigeria
Speaking during the visit, the Group Chief Executive Officer of Meren Energy, Oliver Quinn, said recent reforms have encouraged the company to expand its investments in Nigeria.
Quinn explained that the company is exploring opportunities in asset divestments and future licensing rounds. He added that Africa remains Meren Energy’s top investment destination, with Nigeria ranking first among its priority markets.
According to him, the company has invested about $11 billion in the Agbami, Akpo, and Egina oil fields over the past 20 years. He also disclosed that Meren Energy has paid more than $4 billion in taxes and royalties during the same period.
Commitment to Domestic Crude Supply
Quinn said Meren Energy became the first company in Nigeria to sell crude oil to the Dangote Refinery. He added that the company will continue to meet its Domestic Crude Supply Obligation as long as market conditions remain favourable.
The planned 2026 Licensing Round is expected to attract fresh investment into Nigeria’s oil and gas industry as regulators seek to increase production, strengthen investor confidence, and support long-term growth in the energy sector.
