…Commercial Bids To Take Place In July
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2026 Licensing Round will commence latest by Q3 2026 having received the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, stated this when Meren Energy (formerly Africa Oil), visited the corporate headquarters of the NUPRC in Abuja on Wednesday.
Eyesan, who expressed satisfaction with the conduct of the 2025 Licensing Round so far, stated that the commercial bid would take place in July after which the next licensing round would commence.
The NUPRC boss said the heightened participation in the 2025 Licensing Round was a testament to the fact that Nigeria was headed in the right direction.
She said the rise in investments coupled with the upswing in production was evidence that Nigeria’s oil and gas sector under the leadership of President Bola Tinubu had become attractive.
Eyesan stated, “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 latest by the third quarter. So, this is the make or break point and we want to make sure we make it.”
In his remarks, the Group CEO, Meren Energy, Dr. Oliver Quinn, stated that the current reforms had inspired the company to increase its investments in Nigeria hence its interest in asset divestments and licensing rounds.
Quinn revealed that Meren Energy’s investment priority is Africa of which Nigeria ranks is number one.
“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, adding, “Nigeria remains the core of our business today because of the quality of these assets.”
According to Quinn, Meren Energy is pressuring its partners on these assets to deepen their investments and then increase overall production.
He said Meren Energy was the first company in Nigeria to sell crude oil to the Dangote refinery and the firm will continue to fulfil its Domestic Crude Supply Obligation so long as the price remains right.
Nigeria has conducted several licensing rounds since the 1990s, including the 2000 Licensing Round; 2005 Licensing Round; 2006 Mini-Round; 2007 Licensing Round; 2020 Marginal Field Bid Round, which offered 57 marginal fields to indigenous companies; 2022–2024 Licensing Rounds, which included deep offshore, onshore and gas-focused acreages.
The enactment of the Petroleum Industry Act (PIA) in 2021 introduced a more transparent and competitive framework for awarding oil and gas assets. Under the Act, licensing rounds must be conducted openly, with clear criteria and regulatory oversight.
