Tinubu approves 2026 oil block licensing round

President Bola Tinubu has granted approval for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to initiate its 2026 oil block licensing round before the end of this year. The commission anticipates that this significant exercise will commence by the third quarter of 2026, signaling a continued focus on developing the nation's oil and gas reserves.

Mrs. Oritsemeyiwa Eyesan, the Chief Executive of NUPRC, announced that preparations for the 2025 licensing round are already well underway, with the commercial bid expected to take place in July. She highlighted that the increasing investor participation in the current 2025 round reflects a renewed confidence in Nigeria's upstream sector. Eyesan stated that recent gains in production and investment inflows demonstrate that the reforms implemented under President Tinubu are enhancing the industry's global competitiveness.

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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.

"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 remarked. She emphasized that the success of the current bid round is crucial for establishing a foundation for future upstream asset allocation, underscoring the importance of sustained investor confidence.

Meren Energy, formerly Africa Oil, expressed its commitment to expanding its presence in Nigeria's oil and gas sector, identifying the country as central to its African investment strategy. Dr. Oliver Quinn, Group Chief Executive of Meren Energy, noted that the company's 20-year operations in Nigeria, involving approximately $11 billion in capital investment across major assets like Agbami, Akpo, and Egina, have generated significant value, with about $4 billion paid in taxes and royalties. Quinn affirmed that Nigeria remains the core of their business due to the quality of these assets and that ongoing reforms have bolstered their confidence to pursue new opportunities, including asset divestments and participation in licensing rounds.

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