The Nigerian Upstream Petroleum Regulatory Commission has secured presidential approval to commence its 2026 licensing round before the end of the year.

The commission said the exercise, expected to commence by the third quarter of 2026, had received the backing of President Bola Tinubu, who is also the Minister of Petroleum Resources, in line with regulatory provisions guiding upstream licensing activities.

A statement by the NUPRC Head of Media and Corporate Communications, Eniola Akinkuotu, disclosed this on Wednesday.

According to the statement, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, speaking during a visit by Meren Energy (formerly Africa Oil) to the NUPRC headquarters in Abuja on Wednesday, said preparations for the 2025 licensing round were already in advanced stages, noting that the commercial bid would hold in July before the next cycle begins.

She added that growing investor participation in the ongoing 2025 round reflected renewed confidence in Nigeria’s upstream sector. According to her, recent gains in production and investment inflows showed that ongoing reforms under Tinubu were reshaping the industry’s global competitiveness.

“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,” she said.

Eyesan maintained that the success of the current bid round would serve as a foundation for the next phase of upstream asset allocation, stressing the importance of sustained investor confidence.

On its part, Meren Energy expressed readiness to deepen its footprint in Nigeria’s oil and gas sector, describing the country as central to its African investment strategy.

The Group Chief Executive of Meren Energy, Dr Oliver Quinn, said the firm’s long-standing operations in Nigeria had delivered significant value across major oil assets.

“We have operated in Agbami, Akpo and Egina, world-class fields. I think to 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. Nigeria remains the core of our business today because of the quality of these assets,” Quinn said.

The group chief executive noted that Nigeria remained the company’s top investment destination in Africa, adding that ongoing reforms had strengthened its confidence to pursue new opportunities, including asset divestments and participation in licensing rounds.

He also disclosed that Meren Energy was the first company in Nigeria to supply crude oil to the Dangote Petroleum Refinery, adding that the company would continue to meet its domestic crude supply obligations where commercially viable.

According to him, the firm is also encouraging its partners in key assets to boost investments and raise production levels in line with Nigeria’s output goals.

The development comes as Nigeria seeks to accelerate upstream investments and improve crude oil output amid global energy transition pressures.