en.Wedoany.com Reported - The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced its readiness to launch the 2026 licensing round in the third quarter, while a major investment commitment from Meren Energy (formerly Africa Oil) injects new momentum into the country's oil and gas sector.
The Commission stated that this move follows approval from the Minister of Petroleum Resources under the Petroleum Industry Act. NUPRC Chief Executive Officer Oritsemeyiwa Eyesan, in a statement released to journalists on Wednesday, expressed satisfaction with the progress of the 2025 licensing round. She revealed that commercial bids will be submitted in July, followed by the launch of the next licensing round.
Eyesan made these remarks during a visit by Meren Energy to the NUPRC headquarters in Abuja. She noted that the high level of participation in the 2025 licensing round indicates Nigeria is moving in the right direction. Increased investment and rising production demonstrate that the country's oil and gas sector has become more attractive under the leadership of President Bola Tinubu.
Eyesan stated: "We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 licensing round. Therefore, we are finalizing the launch plan for 2026, which will take place no later than the third quarter. This is a make-or-break moment, and we want to ensure success."
Meren Energy Group Chief Executive Officer Oliver Quinn, in his remarks, said that current reforms incentivize the company to increase its investments in Nigeria, hence its interest in asset divestments and licensing rounds. Quinn revealed that Meren Energy's investment focus is on Africa, with Nigeria at the top of the list. He said: "We have operated in the world-class Agbami, Akpo, and Egina fields. I think to date, over 20 years, we have invested approximately $11 billion in capital into these assets and paid about $4 billion in taxes and royalties." He added: "Due to the quality of these assets, Nigeria remains the core of our business today."
According to Quinn, Meren Energy is pressuring its partners to deepen investments to boost overall production. He added that the company was the first in Nigeria to sell crude oil to the Dangote Refinery and will continue to fulfill its domestic crude supply obligations as long as prices are reasonable.
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