The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2026 oil licensing round will commence not later than the third quarter of the year, following approval by the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA).

The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, disclosed this on Wednesday in Abuja during a visit by Meren Energy, formerly Africa Oil, to the commission’s headquarters.

In a statement by the Head of Media and Corporate Communications, Eniola Akinkuotu, Eyesan said preparations were already underway for the exercise, which has also received presidential approval.

“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round,” she said.

“So, we are in the process of finalising the 2026 launch which will happen latest by the third quarter. This is the make-or-break point and we want to make sure we make it.”

She added that the commission was already concluding the 2025 licensing round, with the commercial bid stage expected in July before attention shifts to the 2026 exercise.

According to her, strong participation in the ongoing round reflects rising investor confidence in Nigeria’s upstream oil and gas sector.

Eyesan attributed the renewed interest to ongoing reforms in the petroleum industry, saying increased investment and production levels show Nigeria has become more attractive under current policy directions.

Speaking during the visit, Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said the company would continue to deepen investments in Nigeria’s oil and gas sector, describing the country as its top investment destination in Africa.

He said regulatory reforms had encouraged the firm to pursue additional opportunities, including asset divestments and participation in licensing rounds.

Quinn noted that Meren Energy has invested heavily in major oil assets such as Agbami, Akpo and Egina, adding that Nigeria remains central to its operations.

“Nigeria remains the core of our business today because of the quality of these assets,” he said.

He also disclosed that the company was the first to supply crude oil to the Dangote Refinery and reaffirmed its commitment to meeting its domestic crude supply obligations, subject to favourable pricing conditions. (Vanguard)

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