Nigeria's NUPRC to Launch 2026 Oil Licensing Round in Q3 After Presidential Approval

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 2026 Oil Licensing Round will commence in the third quarter of 2026, following approval from President Bola Tinubu. This move aligns with the provisions of the Petroleum Industry Act (PIA).

Mrs. Oritsemeyiwa Eyesan, the Commission Chief Executive, expressed satisfaction with the ongoing 2025 Licensing Round, noting that the commercial bid process is scheduled for July. She anticipates that the success of the 2025 round, marked by increased participation and investment, signals a positive direction for Nigeria's oil and gas sector under President Tinubu's leadership.

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We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round. So, we are in the process of finalising the 2026 launch, which will happen by the third quarter at the latest. So, this is the make-or-break point, and we want to make sure we make it.

"We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round," Eyesan stated. "So, we are in the process of finalising the 2026 launch, which will happen by the third quarter at the latest. So, this is the make-or-break point, and we want to make sure we make it."

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We have operated in Agbami, Akpo and Egina world class fields. I think till date, in 20 years about $11 billion in capital from our side has gone into these assets and about $4 billion has gone to tax and royalties.

Dr. Oliver Quinn, Group CEO of Meren Energy, confirmed the company's increased investment interest in Nigeria, driven by current reforms. Nigeria remains Meren Energy's top investment priority in Africa. Quinn highlighted the company's past investments, totaling approximately $11 billion in capital over 20 years in fields like Agbami, Akpo, and Egina, with about $4 billion paid in taxes and royalties.

Meanwhile, normal activities have resumed at the NUPRC headquarters after workers suspended a one-day warning strike. The industrial action, organized by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), was called off on June 1, 2026, after successful negotiations between the commission's management and the unions.

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Nigeria remains the core of our business today because of the quality of these assets.