Lagos, Nigeria (VOICE OF NAIJA)- Meren Energy has indicated renewed investment interest in Nigeria’s upstream oil and gas sector as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) prepares to roll out its 2026 Licensing Round by the third quarter of next year.
The planned licensing round, which has received approval from the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA), is expected to build on what regulators describe as strong investor participation and improving sector fundamentals.
The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed the timeline during a meeting with a delegation from Meren Energy (formerly Africa Oil) at the NUPRC headquarters in Abuja on June 3. She noted that commercial bidding for the 2025 Licensing Round will take place in July, after which preparations for the 2026 round will commence in earnest.
According to Eyesan, the growing level of participation in the ongoing licensing round reflects strengthening investor confidence in Nigeria’s oil and gas industry.
“The heightened participation in the 2025 Licensing Round is a testament that Nigeria is headed in the right direction,” she said, adding that rising investments and production growth are clear indicators of a sector becoming increasingly attractive under the current reform agenda.
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She further stated that the 2026 Licensing Round would be formally launched “latest by the third quarter,” describing it as a critical phase in sustaining momentum in upstream investments.
“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,” Eyesan said.
On its part, Meren Energy reaffirmed its long-term commitment to Nigeria, citing regulatory reforms and improved investment conditions as key drivers of renewed interest in asset expansion and participation in future licensing rounds.
The Group Chief Executive Officer of Meren Energy, Oliver Quinn, said Nigeria remains the company’s most strategic market in Africa, supported by decades of deep operational exposure and capital commitment.
“We have operated in Agbami, Akpo and Egina world-class fields. Over the last 20 years, about $11bn in capital from our side has gone into these assets, and about $4bn has gone to tax and royalties,” Quinn said.
He added that Nigeria continues to anchor the company’s African portfolio, with ongoing efforts to encourage partners to increase investment in existing assets to boost production.
Quinn also highlighted Meren Energy’s role in Nigeria’s downstream transition, noting that the company was the first to supply crude oil to the Dangote Refinery and remains committed to its domestic crude supply obligations where commercially viable.
