The Nigerian Upstream Petroleum Regulatory Commission has received presidential approval to proceed with its 2026 oil block licensing round. President Bola Tinubu, who also serves as Minister of Petroleum Resources, gave the go-ahead for the exercise, which is set to launch by the third quarter of 2026. The commission disclosed the development in a statement issued Wednesday by its Head of Media and Corporate Communications, Eniola Akinkuotu. Commission Chief Executive Mrs Oritsemeyiwa Eyesan made the announcement during a visit by Meren Energy, formerly known as Africa Oil, to the NUPRC headquarters in Abuja.
Eyesan stated that preparations for the 2025 licensing round are already in advanced stages, with the commercial bid scheduled for July. She said the success of the ongoing 2025 round would lay the foundation for the 2026 cycle. Investor participation in the current round, she added, reflects renewed confidence in Nigeria's upstream sector. "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," Eyesan said.
Meren Energy's Group Chief Executive, Dr Oliver Quinn, affirmed the company's commitment to expanding its presence in Nigeria's oil and gas sector. He described Nigeria as central to Meren Energy's African investment strategy, noting that the firm has invested approximately $11 billion in Nigerian oil assets over the past 20 years. Quinn said about $4 billion from those investments had gone toward taxes and royalties. The company has operated in Agbami, Akpo, and Egina, which he described as world-class fields.
Quinn revealed that Meren Energy was the first company to supply crude oil to the Dangote Petroleum Refinery. He said the firm remains committed to fulfilling its domestic crude supply obligations where commercially viable. The company is also encouraging its partners in key assets to increase investments and boost production in alignment with Nigeria's output targets.
Mrs Oritsemeyiwa Eyesan says the 2026 licensing round is a "make-or-break point," yet President Tinubu's dual role as head of state and petroleum minister means oversight rests with the same office driving the policy. The NUPRC's push for investor confidence hinges on reforms led by the president, creating a circular accountability loop. Meren Energy's $11 billion investment and role as first supplier to Dangote Refinery underscore its strategic position, but the state's reliance on single-company commitments raises questions about sector resilience. If the 2025 bid round fails to deliver, the 2026 launch may not survive the break.
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