The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it will commence the 2026 licensing round by the third quarter of the year.
The NUPRC, in a statement by its Head, Media and Corporate Communications, Eniola Akinkuotu, on Wednesday, said the licensing round has received the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA).
Mr Akinkuotu said the Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this during a visit by Meren Energy (formerly Africa Oil) to NUPRC’s corporate headquarters in Abuja on Wednesday.
“We are also fortunate that the President and Minister of Petroleum Resources have 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,” Mrs Eyesan said.
A licensing round is a process by which the government grants oil and gas exploration and production rights to companies through a competitive bidding process.
The NUPRC boss, who expressed satisfaction with the conduct of the 2025 Licensing round so far, stated that the commercial bid would take place in July, after which the next licensing round would commence.
She said the heightened participation in the 2025 licensing round was a testament to the fact that Nigeria was headed in the right direction.
According to her, the rise in investments coupled with the upswing in production was evidence that Nigeria’s oil and gas sector under the leadership of President Bola Tinubu had become attractive.
In his remarks, the Group Chief Executive Officer of Meren Energy, Oliver Quinn, stated that the current reforms had inspired the company to increase its investments in Nigeria, hence its interest in asset divestments and licensing rounds.
READ ALSO: NUPRC announces pre-qualification stage completion of 2025 licensing round
Mr Quinn revealed that Meren Energy’s investment priority is Africa, of which Nigeria ranks as number one.
“We have operated in Agbami, Akpo and Egina world-class fields. I think to date, in 20 years, about $11 billion in capital from our side has gone into these assets, and about $4 billion has gone to tax and royalties. Nigeria remains the core of our business today because of the quality of these assets,” he said.
He said Meren Energy is pressuring its partners on these assets to deepen their investments and then increase overall production.
According to him, Meren Energy was the first company in Nigeria to sell crude oil to the Dangote refinery, and the firm will continue to fulfil its Domestic Crude Supply Obligation so long as the price remains right.
