Nigeria’s upstream oil and gas industry is poised for a fresh wave of investments as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to commence the 2026 oil licensing round by the third quarter of the year, following approval by President Bola Ahmed Tinubu.
The initiative is expected to create new opportunities for local and international investors while reinforcing Nigeria’s position as one of Africa’s leading destinations for upstream petroleum investments.
The Chief Executive of the NUPRC, Mrs. Oritsemeyiwa Eyesan, disclosed this during a meeting with representatives of Meren Energy, formerly Africa Oil, at the commission’s headquarters in Abuja.
According to Eyesan, the commission is currently finalising arrangements for the licensing exercise, which will be conducted in line with the provisions of the Petroleum Industry Act (PIA).
“We are fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round. We are in the process of finalising the launch, which will happen by the third quarter at the latest,” she said.
She noted that the ongoing 2025 licensing round had attracted increased investor participation, attributing the development to reforms implemented within Nigeria’s oil and gas sector.
According to her, growing investment interest and improvements in production performance demonstrate that Nigeria’s upstream petroleum industry is becoming increasingly attractive under the current regulatory framework.
The NUPRC chief expressed optimism that the forthcoming licensing round would further stimulate exploration activities, unlock new reserves, and drive sustainable growth in the sector.
Meanwhile, Meren Energy has reaffirmed its commitment to expanding investments in Nigeria, citing the country’s strategic importance to its global operations.
Speaking during the meeting, the Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said recent reforms in Nigeria’s petroleum industry had strengthened investor confidence and encouraged the company to deepen its engagement in the country.
Quinn described Nigeria as Meren Energy’s most significant investment destination in Africa, highlighting the quality and performance of key deepwater assets, including the Agbami, Akpo and Egina oil fields.
“Nigeria remains the core of our business today because of the quality of these assets,” he stated.
According to him, the company has invested approximately $11 billion in capital expenditure on Nigerian assets over the past two decades and has contributed about $4 billion in taxes and royalties to government coffers.
He revealed that the company is working with its partners to increase investments and boost production from existing fields as part of efforts to maximise value from its Nigerian portfolio.
Quinn also reiterated Meren Energy’s commitment to supporting Nigeria’s domestic crude supply obligations, noting that the company was the first operator to supply crude oil to the Dangote Refinery.
Industry analysts believe the planned 2026 licensing round could attract substantial capital into exploration, field development and production activities at a time when Nigeria is seeking to raise crude oil output, improve energy security and enhance government revenues.
The planned exercise aligns with the Federal Government’s broader strategy of creating a more predictable regulatory environment, accelerating investment inflows and maximising returns from the nation’s vast hydrocarbon resources.
The Petroleum Industry Act, which serves as the framework for the country’s oil and gas reforms, was introduced to improve transparency, promote competitiveness and establish a more attractive operating environment for investors across the petroleum value chain.
With growing investor interest and renewed commitments from major operators, stakeholders say the 2026 licensing round could mark another significant step in Nigeria’s efforts to revitalise its upstream petroleum sector and sustain long-term industry growth.
