The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will begin the 2026 Licensing Round in the third quarter of 2026, following approval from the Minister of Petroleum Resources. The decision aligns with provisions of the Petroleum Industry Act (PIA). NUPRC Chief Executive Oritsemeyiwa Eyesan disclosed this during a visit by Meren Energy to the commission's headquarters in Abuja on Wednesday. She noted that the commercial bid for the ongoing 2025 Licensing Round is scheduled for July.

Eyesan expressed satisfaction with the progress of the 2025 round, citing increased investments and rising production levels. She attributed the sector's improved appeal to reforms under the administration of President Bola Tinubu. The commission plans to maintain momentum by launching the next round within the approved PIA timeline.

Meren Energy Group CEO Dr. Oliver Quinn, who led the company's delegation, said the reforms have strengthened the firm's commitment to Nigeria. He stated that Meren Energy prioritizes Africa for investment, with Nigeria as its top destination. Over the past 20 years, the company has invested $11bn in the Agbami, Akpo, and Egina fields. It has also paid more than $4bn in taxes and royalties.

Quinn confirmed Meren Energy's active interest in upcoming asset divestments and licensing rounds. The company sees regulatory stability and policy consistency as key drivers of investor confidence. The NUPRC did not disclose specific blocks to be included in the 2026 round.

💡 NaijaBuzz Take

Oritsemeyiwa Eyesan oversees a licensing process that depends on ministerial approval, yet claims the sector's attractiveness stems from presidential leadership. Meren Energy's $11bn investment was made over two decades, not as a result of recent reforms. The company's continued interest does not prove the current administration's policies are responsible for new capital inflows. The timeline for the 2026 round remains over a year away, with no details on available acreage.

💡 NaijaBuzz Take is AI-assisted editorial opinion, not established fact. Full disclaimer →