By Abiodun Folarin
WorldStage– Meren Energy (formerly Africa Oil), which says it has invested about $11 billion in Nigeria’s major deepwater assets over the past two decades, has pledged fresh investments in the country’s oil and gas sector as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced plans to commence the 2026 Licensing Round by the third quarter of 2026.
The commitment was made during a visit by Meren Energy executives to the NUPRC headquarters in Abuja, where both parties discussed investment opportunities and ongoing reforms aimed at boosting exploration and production activities in the sector.
Speaking during the meeting, the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, disclosed that the Minister of Petroleum Resources had approved the 2026 Licensing Round in line with the provisions of the Petroleum Industry Act (PIA).
She expressed satisfaction with the progress recorded with the conduct of the 2025 Licensing Round, noting that the commercial bid process is scheduled for July, after which preparations for the next round will begin in earnest.
According to Eyesan, the strong level of participation in the 2025 exercise reflects growing investor confidence in Nigeria’s upstream petroleum industry.
“The President and Minister of Petroleum Resources has approved the 2026 Licensing Round. We are currently finalising preparations for the launch, which will take place no later than the fourth quarter of 2026. This is a critical phase, and we want to ensure we get it right,” she said.
She added that rising investment inflows and increasing crude oil production demonstrate that Nigeria’s oil and gas sector is becoming more attractive under the reform agenda of President Bola Tinubu.
On his part, Group Chief Executive Officer of Meren Energy, Dr. Oliver Quinn, said recent policy and regulatory reforms had strengthened the company’s confidence in Nigeria, prompting it to pursue additional investment opportunities, including participation in asset acquisitions and future licensing rounds.
Quinn revealed that Nigeria remains Meren Energy’s top investment destination in Africa, citing the quality of its oil and gas assets and the company’s long-standing operations in the country.
“We have operated in Agbami, Akpo and Egina, which are world-class fields. Over the last 20 years, about $11 billion in capital from our side has gone into these assets, while roughly $4 billion has been paid in taxes and royalties,” he said.
“Nigeria remains the core of our business today because of the quality of these assets.”
He further disclosed that the company is encouraging its partners to commit additional capital to existing assets to support higher production levels and unlock further value from Nigeria’s deepwater resources.
Quinn also noted that Meren Energy was the first company to supply crude oil to the Dangote Refinery and reaffirmed its commitment to meeting its Domestic Crude Supply Obligation (DCSO), provided commercial terms remain favourable.
The planned 2026 Licensing Round is expected to build on the momentum generated by ongoing reforms in the upstream sector, with regulators seeking to attract new investments, expand reserves, and increase production capacity in line with Nigeria’s energy and economic development objectives.
