Regulator says fresh bid round will build on renewed momentum in the oil and gas sector amid rising investments and production levels….
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to commence the 2026 Oil Block Licensing Round in the third quarter of next year, signaling continued efforts to attract investment and expand exploration activities across the country’s petroleum sector.
The disclosure was made during a meeting between officials of Meren Energy and the leadership of the Commission at its headquarters in Abuja on Wednesday.
Speaking during the visit, the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said preparations for the next licensing exercise are already underway following approval from the Minister of Petroleum Resources, in line with provisions of the Petroleum Industry Act (PIA).
According to Eyesan, the ongoing 2025 Licensing Round has recorded encouraging progress, with the commercial bid stage scheduled to take place in July. She noted that the successful completion of the current process would pave the way for the launch of the 2026 round later in the year.
The NUPRC boss attributed the growing interest from investors to ongoing reforms within Nigeria’s oil and gas industry, describing the sector as increasingly attractive to both local and international operators.
She pointed to rising investment inflows and improved production figures as indicators that confidence is gradually returning to the industry.
“The level of investor engagement we are seeing today reflects the positive impact of ongoing reforms and efforts to create a more competitive operating environment,” she said.
During the engagement, Meren Energy reaffirmed its commitment to Nigeria, citing the country’s strategic importance to the company’s African growth plans.
Group Chief Executive Officer of Meren Energy, Oliver Quinn, said recent policy reforms have strengthened the company’s confidence in the Nigerian market and influenced its decision to pursue additional investment opportunities, including participation in asset divestments and future licensing rounds.
Quinn disclosed that Africa remains the company’s primary investment destination, with Nigeria occupying the top position within its portfolio priorities.
He revealed that Meren Energy has invested approximately $11 billion in major deepwater projects, including the Agbami, Akpo and Egina fields, over the past two decades.
According to him, the company has also contributed more than $4 billion in taxes and royalties to the Nigerian government during the same period.
Industry stakeholders believe the planned 2026 Licensing Round could further strengthen exploration activities, attract fresh capital and support the government’s broader objective of boosting crude oil production and maximizing revenue from the nation’s hydrocarbon resources.
With preparations already in motion, attention will now turn to the outcome of the 2025 Licensing Round, which regulators hope will set the stage for another competitive bidding process in 2026.
