Oritsemeyiwa Eyesan, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the 2026 oil licensing round will commence by the third quarter (Q3) of 2026, following approval by the minister of petroleum resources.
Eyesan spoke on Wednesday when Meren Energy, formerly Africa Oil, visited the commission’s headquarters in Abuja.
She said preparations were underway for the next licensing exercise, according to a statement by Eniola Akinkuotu, NUPRC’s head of media and corporate communications.
Eyesan said the commercial bid stage of the ongoing 2025 licensing round would take place in July, after which the commission would launch the 2026 round.
She expressed satisfaction with the level of participation in the 2025 exercise, describing it as a testament that “Nigeria was headed in the right direction.”
The NUPRC boss said rising investments and increasing production levels indicated that the country’s oil and gas sector had become more attractive under the administration of President Bola Tinubu.
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round,” Eyesan said.
“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.”
Speaking during the visit, Oliver Quinn, the group chief executive officer (CEO) of Meren Energy, said recent reforms in Nigeria’s oil and gas sector had encouraged the company to increase its investments in the country.
Quinn said the company is interested in participating in asset divestments and future licensing rounds, adding that Nigeria remains its top investment destination in Africa.
“We have operated in Agbami, Akpo and Egina world class fields. I think till date, in 20 years about $11bn in capital from our side has gone into these assets and about $4bn has gone to tax and royalties,” he said.
“Nigeria remains the core of our business today because of the quality of these assets.”
The group CEO said the company is encouraging its partners to increase investments in the assets and increase overall production.
He noted that Meren Energy is the first company in Nigeria to supply crude oil to the Dangote refinery and would continue to meet its domestic crude supply obligations “so long as the price remains right”.
