LAGOS – Nigeria will launch its 2026 oil licensing round in the third quarter after securing ministerial approval, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced Wednesday to sustain critical foreign investor interest.
The upcoming bid round aims to attract over $10 billion in fresh upstream investments. This capital influx is vital for the country to elevate its crude oil production toward 2.2 million barrels per day.
This rapid timeline overlaps with the ongoing 2025 licensing round. The commercial bid stage for the 2025 round is scheduled for July 2026, creating a continuous cycle of asset opportunities.
Commission Chief Executive Oritsemeyiwa Eyesan termed the Q3 launch a make-or-break point. The regulator expects the back-to-back licensing rounds to aggressively reverse historical investment lulls across Nigeria’s energy sector.
The announcement came during a visit by Meren Energy, formerly Africa Oil, to Abuja. Meren has invested $11 billion in local fields like Agbami and Egina over two decades.
Meren executives credited recent Petroleum Industry Act reforms for their expanding asset appetite. The firm also confirmed it remains a key domestic supplier, recently selling crude to the new Dangote Refinery.
