Nigeria’s upstream oil and gas sector is set for another investment drive as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced plans to commence the 2026 oil licensing round by the third quarter of the year, following approval from President Bola Ahmed Tinubu.
The planned licensing exercise is expected to open new opportunities for investors and strengthen Nigeria’s position as a competitive destination for upstream oil and gas capital.
The Chief Executive of the NUPRC, Mrs Oritsemeyiwa Eyesan, disclosed the development during a meeting with Meren Energy (formerly Africa Oil) at the commission’s headquarters in Abuja.
Eyesan said the commission was finalising preparations for the 2026 licensing round, adding that the process would follow the provisions of the Petroleum Industry Act (PIA).
“We are fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round. We are in the process of finalising the launch, which will happen by the third quarter at the latest,” she said.
She noted that the ongoing 2025 licensing round had recorded increased investor participation, describing the response as evidence that reforms in Nigeria’s oil and gas industry were improving confidence among global energy players.
According to her, rising investment interest and improved production performance indicate that Nigeria’s upstream sector is becoming more attractive under the current regulatory framework.
Meren Energy Commits to Nigeria Expansion
The Group Chief Executive Officer of Meren Energy, Dr Oliver Quinn, said recent industry reforms had encouraged the company to deepen its investments in Nigeria.
Quinn described Nigeria as the company’s top African investment destination, citing the quality of major assets including Agbami, Akpo, and Egina fields.
He said Meren Energy had invested about $11 billion in capital expenditure on these assets over two decades, while approximately $4 billion had been paid in taxes and royalties.
“Nigeria remains the core of our business today because of the quality of these assets,” Quinn said.
He added that the company was engaging partners to increase investment and raise production levels from existing assets.
Meren Energy also confirmed its commitment to Nigeria’s domestic crude supply obligations, noting that it was the first company in the country to supply crude oil to the Dangote Refinery.
Licensing Round Expected to Boost Sector Growth
Industry observers say the new licensing round could attract additional capital into exploration, production, and oilfield development, particularly as Nigeria seeks to increase crude output and strengthen energy security.
The move aligns with broader government efforts to improve regulatory certainty, accelerate investment, and maximise value from the country’s hydrocarbon resources.
The Petroleum Industry Act introduced reforms aimed at improving transparency, encouraging competition, and creating a more attractive operating environment for investors.
NUPRC Resumes Full Operations After Workers’ Strike
Meanwhile, the NUPRC has confirmed the resumption of normal activities following the suspension of a one-day warning strike by workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).
The commission said the industrial action, which lasted about 12 hours, was called off on June 1, 2026, after successful discussions between management and the unions.
NUPRC clarified that the strike affected only some administrative activities and did not disrupt regulatory oversight or crude oil production operations across the country.
The commission also dismissed reports linking the dispute to foreign training opportunities, describing such claims as inaccurate.
It assured stakeholders that management remained committed to improving staff welfare, capacity development, and operational efficiency.
For investors and energy market participants, the planned 2026 licensing round signals Nigeria’s continued push to revive upstream investment, increase production capacity, and strengthen its role in Africa’s energy landscape.