Nigeria Launches 2026 Oil Block Licensing Round

Nigeria is set to open a new round of upstream oil block allocations by the third quarter of 2026, after President Bola Tinubu approved the exercise, the Nigerian Upstream Petroleum Regulatory Commission announced on Wednesday.

NUPRC Commission Chief Executive Oritsemeyiwa Eyesan disclosed the approval during a visit by Meren Energy, formerly Africa Oil, to the commission’s Abuja headquarters. She said preparations for the ongoing 2025 licensing round were already at an advanced stage, with the commercial bid scheduled for July.

“We are also fortunate that the president and minister of petroleum resources have approved the 2026 licensing round. 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,” Eyesan said.

She added that growing investor interest in the current round reflected renewed confidence in Nigeria’s upstream sector, crediting ongoing reforms under Tinubu for improving the country’s competitiveness in the global energy market.

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Meren Energy, which describes Nigeria as the core of its African business, said it had invested roughly $11 billion in major Nigerian oil assets including Agbami, Akpo and Egina over 20 years, with around $4 billion going to taxes and royalties.

“Nigeria remains the core of our business today because of the quality of these assets,” said Meren Energy Group Chief Executive Oliver Quinn.

Quinn also confirmed that Meren Energy was the first company to supply crude oil to the Dangote Petroleum Refinery and said the firm intended to pursue new opportunities through asset divestments and participation in upcoming licensing rounds.