Mkpoikana Udoma
Port Harcourt — Nigeria will launch its 2026 oil and gas licensing round by the third quarter of the year, as the Federal Government seeks to sustain rising investor confidence and attract fresh capital into the upstream petroleum sector.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed that the 2026 Licensing Round has already secured presidential approval, with preparations now underway for its formal launch following the conclusion of the ongoing 2025 bid process.
Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, made the disclosure during a meeting with executives of Meren Energy, formerly Africa Oil, at the Commission’s headquarters in Abuja.
Eyesan said the commercial bid stage of the 2025 Licensing Round would be conducted in July, paving the way for the commencement of the next auction cycle.
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round,” Eyesan said.
“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.”
The NUPRC boss expressed satisfaction with the level of participation recorded in the 2025 Licensing Round, describing it as evidence of renewed confidence in Nigeria’s petroleum sector.
According to her, growing investor participation, increased capital inflows, and rising crude oil production indicate that the industry is responding positively to ongoing reforms under the Petroleum Industry Act, PIA.
“The heightened participation in the 2025 Licensing Round is a testament to the fact that Nigeria is headed in the right direction,” she said.
Eyesan added that “the rise in investments coupled with the upswing in production” demonstrates that Nigeria’s oil and gas industry has become increasingly attractive to global investors.
The planned 2026 bid round comes as Nigeria intensifies efforts to raise crude oil output, unlock dormant hydrocarbon resources, and attract new exploration investments to support government revenue and energy security objectives.
Speaking during the visit, Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said the company’s growing interest in Nigeria was directly linked to reforms being implemented in the sector.
“The current reforms have inspired us to increase our investments in Nigeria, hence our interest in asset divestments and licensing rounds,” Quinn said.
He disclosed that Meren Energy regards Africa as its top investment destination, with Nigeria occupying the highest priority position within its continental portfolio.
“Nigeria ranks number one,” Quinn stated. “We have operated in Agbami, Akpo and Egina world-class fields. I think till 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 added.
Quinn revealed that the company is encouraging its partners to commit additional investments to existing assets in order to boost production levels and maximize value from Nigeria’s upstream sector.
He also highlighted Meren Energy’s role in supporting domestic refining, noting that the company was the first supplier to sell crude oil to the Dangote Refinery.
“We were the first company in Nigeria to sell crude oil to the Dangote refinery, and we will continue to fulfil our Domestic Crude Supply Obligation so long as the price remains right,” Quinn said.
The announcement of the 2026 Licensing Round is expected to further strengthen momentum in Nigeria’s upstream sector, with investors closely watching the outcome of the 2025 auction and the availability of new acreage opportunities under the next bid round.
