President Bola Tinubu has granted approval for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to begin preparations for the country's 2026 oil and gas licensing round, scheduled for launch no later than the third quarter of the year. This move is aimed at sustaining investor interest and boosting upstream sector investments.
2025 Licensing Round Advances
The NUPRC disclosed that the ongoing 2025 licensing round has reached an advanced stage, with commercial bidding set for July 2026. The commission's Chief Executive, Mrs. Oritsemeyiwa Eyesan, made this known during a visit by Meren Energy (formerly Africa Oil) to the commission's headquarters in Abuja. She noted that the high level of investor participation reflects growing confidence in Nigeria's upstream petroleum industry.
Reforms Driving Confidence
Eyesan attributed the renewed interest to improvements in crude oil production and increased investment inflows, driven by reforms under the Tinubu administration. The President, who also serves as Minister of Petroleum Resources, has approved the 2026 licensing round, with final arrangements underway for its launch. Eyesan emphasized the importance of the current exercise, stating that it is a make-or-break point for future upstream asset allocations.
The Federal Government has also threatened to withdraw licenses for oil blocks that have remained undeveloped for years, as it tightens enforcement of timelines in the upstream sector.
Related Developments
In a related move, Nigerian company Walcot Group signed a petroleum-sharing agreement with Angola's National Agency for Petroleum, Gas and Biofuels for three oil blocks, following a successful bid. The licenses hold an estimated three billion barrels of crude oil.
