Meren Energy signals new investments as NUPRC sets 2026 licensing round for Q3

By Onu Okorie

 Meren Energy has pledged to deepen its investments in Nigeria’s oil and gas sector as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the 2026 Licensing Round will commence no later than the third quarter of 2026 following ministerial approval.

The disclosure was made during a visit by Meren Energy, formerly Africa Oil, to the NUPRC corporate headquarters in Abuja on Wednesday.

Speaking during the meeting, NUPRC Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, said preparations were already underway for the launch of the 2026 Licensing Round in accordance with the provisions of the Petroleum Industry Act.

Eyesan expressed satisfaction with the progress recorded in the ongoing 2025 Licensing Round, noting that the commercial bid phase is scheduled for July 2026. She said the strong level of participation by investors demonstrates growing confidence in Nigeria’s upstream petroleum sector.

“The heightened participation in the 2025 Licensing Round is a testament to the fact that Nigeria is headed in the right direction,” she said.

She attributed the renewed investor interest to increasing investments and rising production levels, describing them as indicators of a more attractive operating environment under the current administration.

“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. This is the make-or-break point and we want to make sure we make it,” Eyesan added.

Meren Energy’s Group Chief Executive Officer, Dr. Oliver Quinn, said recent reforms in Nigeria’s oil and gas industry have encouraged the company to pursue additional investments, including participation in asset divestments and future licensing rounds.

According to Quinn, Africa remains the company’s primary investment destination, with Nigeria occupying the top position within its portfolio.

“We have operated in Agbami, Akpo and Egina, which are world-class fields. Over the last 20 years, about $11 billion in capital from our side has gone into these assets, while about $4 billion has been paid in taxes and royalties,” he said.

“Nigeria remains the core of our business today because of the quality of these assets.”

Quinn also disclosed that the company is encouraging its partners in key producing assets to expand investment activities aimed at boosting production levels.

Highlighting Meren Energy’s role in Nigeria’s domestic refining drive, he noted that the company was the first producer to supply crude oil to the Dangote Refinery and reaffirmed its commitment to meeting its Domestic Crude Supply Obligation, provided commercial terms remain favorable.

The announcements underscore growing optimism within Nigeria’s upstream sector as regulators and investors position for another licensing cycle amid ongoing efforts to attract capital, increase production, and strengthen the country’s energy industry.