Nigerian President Tinubu approves 2026 oil block licensing round
via Punch Nigeria2 min read
The Nigerian Upstream Petroleum Regulatory Commission NUPRC has secured presidential approval to initiate its 2026 licensing round by the third quarter of this year. President Bola Tinubu, who also serves as the Minister of Petroleum Resources, endorsed the exercise. NUPRC Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, announced this during a visit from Meren Energy formerly Africa Oil to the NUPRC headquarters in Abuja. She noted that preparations for the 2025 licensing round are in advanced stages, with the commercial bid scheduled for July. Eyesan highlighted that increased investor participation in the current 2025 round reflects renewed confidence in Nigeria’s upstream sector, attributing recent production gains and investment inflows to ongoing reforms under President Tinubu. Meren Energy expressed its commitment to expanding its presence in Nigeria’s oil and gas sector, describing the country as central to its African investment strategy. Dr. Oliver Quinn, Group Chief Executive of Meren Energy, stated that the firm’s long-standing operations in Nigeria have generated significant value across major oil assets like Agbami, Akpo, and Egina, with approximately $11 billion in capital invested and $4 billion in taxes and royalties over 20 years. Quinn affirmed Nigeria as the company's primary investment destination in Africa, citing ongoing reforms that bolster confidence for new opportunities, including asset divestments and participation in licensing rounds. He also
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