NUPRC 2026 licensing round receives presidential approval as Nigeria prepares to launch a new upstream oil and gas bid exercise

The Nigerian Upstream Petroleum Regulatory Commission has secured presidential approval to commence the NUPRC 2026 Licensing Round before the end of the year, with the exercise expected to be launched by the third quarter of 2026.

Also read: NUPRC flags weak crude supply to refineries despite $5.17bn offers

The approval was granted by President Bola Tinubu in his capacity as Minister of Petroleum Resources, according to a statement issued on Wednesday by the Head of Media and Corporate Communications of the commission, Eniola Akinkuotu.

The announcement was made by the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, during a visit by Meren Energy, formerly Africa Oil, to the NUPRC headquarters in Abuja.

Eyesan said preparations for the ongoing 2025 licensing round were already at an advanced stage, with the commercial bid phase scheduled for July before the next cycle begins.

According to Eyesan, growing participation by investors in the current exercise signals renewed confidence in Nigeria’s upstream petroleum industry.

Eyesan said recent improvements in crude oil production and investment inflows indicated that reforms introduced under the Tinubu administration were strengthening the country’s position in the global energy market.

“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 said.

The commission chief executive described the success of the current bid round as critical to the next phase of upstream asset allocation, stressing the need to sustain investor confidence and industry momentum.

A notable development during the visit came from Meren Energy, which reaffirmed plans to expand its presence in Nigeria’s oil and gas sector, describing the country as the cornerstone of its African investment portfolio.

The Group Chief Executive of Meren Energy, Dr Oliver Quinn, said the company had built substantial value through its operations in major offshore assets, including Agbami, Akpo and Egina fields.

“We have operated in Agbami, Akpo and Egina, world-class fields. I think to 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.

Nigeria remains the core of our business today because of the quality of these assets,” Quinn said.

Quinn said Nigeria remained the company’s leading investment destination on the continent and noted that ongoing regulatory reforms had strengthened confidence in pursuing additional opportunities, including asset acquisitions and participation in future licensing exercises.

He also revealed that Meren Energy was the first company in Nigeria to supply crude oil to the Dangote Petroleum Refinery and said the firm would continue to meet domestic crude supply obligations where commercially viable.

According to Quinn, the company is encouraging partners across key producing assets to increase investments and raise production levels in support of Nigeria’s output targets.

Also read: NUPRC chief Oritsemeyiwa Eyesan unveils bold reforms to boost Nigeria oil output

The NUPRC 2026 Licensing Round forms part of broader efforts by the Federal Government to attract fresh upstream investments, expand crude oil production and enhance the competitiveness of Nigeria’s petroleum sector amid growing pressures from the global energy transition.