L-R: CEO, Meren Energy, Nigeria, Emeka Phil-Ebosie; President/Group CEO, Meren Energy, Dr. Oliver Quinn; Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan; and Chief Financial Officer, Meren Energy, Aldo Perracini when the management of Meren Energy visited the headquarters of the NUPRC in Abuja on Wednesday, June 3, 2026. Photo: NUPRC Media
…Commercial Bids for 2025 Round to Hold in July
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to commence the 2026 Licensing Round by the third quarter of 2026, following approval from the Minister of Petroleum Resources in line with the provisions of the Petroleum Industry Act (PIA).
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, disclosed this on Wednesday during a visit by Meren Energy (formerly Africa Oil) to the NUPRC corporate headquarters in Abuja.
Eyesan expressed satisfaction with the progress of the ongoing 2025 Licensing Round, noting that the commercial bid phase is scheduled for July, after which preparations for the 2026 round will move into full gear.
She said the strong level of participation recorded in the 2025 Licensing Round reflects growing investor confidence in Nigeria’s upstream petroleum sector and underscores the impact of ongoing reforms.
According to her, increasing investments and rising production levels are clear indications that Nigeria’s oil and gas industry has become more attractive under the leadership of President Bola Tinubu.
“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.”
Speaking during the visit, the Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said the reforms being implemented in Nigeria’s petroleum sector have strengthened investor confidence and encouraged the company to expand its footprint in the country through participation in asset divestments and licensing rounds.
Quinn noted that Africa remains Meren Energy’s primary investment destination, with Nigeria occupying the top position in its continental investment strategy.
“We have operated in Agbami, Akpo and Egina world class fields. I think till 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,” he said, adding, “Nigeria remains the core of our business today because of the quality of these assets.”
He further stated that the company is encouraging its partners to increase investments in existing assets to drive higher production and maximize value.
Quinn also revealed that Meren Energy was the first company in Nigeria to supply crude oil to the Dangote Refinery and affirmed its commitment to meeting its Domestic Crude Supply Obligation (DCSO), provided commercial terms remain favourable.
