Key points
- The Nigerian Upstream Petroleum Regulatory Commission will launch the 2026 Licensing Round by the third quarter of 2026.
- Commission Chief Executive Mrs. Oritsemeyiwa Eyesan confirmed that ministerial approval has been granted under the Petroleum Industry Act.
- The commercial bidding phase for the ongoing 2025 licensing round is scheduled to take place in July.
- Meren Energy, formerly known as Africa Oil, stated that current regulatory reforms have inspired the firm to increase its local investments.
- The oil firm revealed it has invested approximately 11 billion dollars in capital into world-class fields like Agbami, Akpo, and Egina over the last 20 years.
Main Story
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is finalizing preparations to flag off the 2026 Licensing Round by the third quarter of this year.
The commission’s chief executive disclosed the timeline following an official approval from the Minister of Petroleum Resources, which aligns strictly with the statutory provisions of the Petroleum Industry Act (PIA). The announcement came during a strategic operational visit by the executive leadership of Meren Energy, formerly known as Africa Oil, to the NUPRC corporate headquarters in Abuja.
Expressing satisfaction with the ongoing progress of the 2025 licensing round, the upstream regulatory chief stated that commercial bids for the current exercise will be held in July, clearing the path for the subsequent round.
The commission noted that robust investor participation in the current licensing process reflects a positive trajectory for the country, emphasizing that rising investment inflows and an upswing in output demonstrate the growing commercial appeal of the domestic oil and gas sector.
In response, the leadership of Meren Energy explained that ongoing regulatory and structural reforms have motivated the company to scale up its financial commitments in Nigeria, driving its interest in asset divestments and upcoming licensing rounds.
The firm identified the country as its foremost investment priority on the African continent, referencing its historical capital footprint in world-class fields like Agbami, Akpo, and Egina. Moving forward, the energy firm intends to push its asset partners to maximize output while maintaining its commitments to domestic refining infrastructure under favorable pricing conditions.
The Issues
- Finalizing the regulatory frameworks and timelines to successfully launch the 2026 upstream licensing round by Q3.
- Consolidating international investor confidence through sustained execution of the Petroleum Industry Act guidelines.
- Balancing asset divestments and domestic supply obligations to support local refining capacity.
What’s Being Said
- Explaining the timeline and strategic importance of the upcoming asset bidding process, Mrs Oritsemeyiwa Eyesan stated: “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,”
- Outlining the historical financial contributions and scale of operations executed by the firm over the past two decades, Dr Oliver Quinn revealed: “We have operated in Agbami, Akpo and Egina world class fields. I think till date, in 20 years about 11 billion dollars in capital from our side has gone into these assets and about four billion dollars has gone to tax and royalties.”
- Emphasizing why the country remains the central focus of their regional business operations, Quinn noted: “Nigeria remains the core of our business today because of the quality of these assets.”
- Detailing the company’s internal strategy to boost output and support local market demands, he concluded: “Meren Energy is pressuring its partners on these assets to deepen their investments and then increase overall production,”
What’s Next
- The NUPRC will conclude administrative preparations to ensure the formal launch of the 2026 round occurs by the third quarter.
- Regulatory authorities and energy investors will convene in July to execute the commercial bidding phase of the 2025 licensing round.
- Meren Energy will continue its investment engagements across its core fields while fulfilling its local crude allocation obligations.
Bottom Line
The NUPRC has secured ministerial approval to launch the 2026 oil asset licensing round by Q3 2026, a move that coincides with pledges from Meren Energy to expand its multi-billion dollar investment footprint in the country’s upstream sector due to ongoing regulatory reforms.
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