Africa’s largest crude oil producer and OPEC member, Nigeria, is set to conduct its 2026 oil and gas licensing bid round in the third quarter of the year, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The West African nation’s oil production rose to 1.663 million barrels per day (bpd) in April 2026, a significant increase from the 1.546 million bpd recorded in March, underscoring renewed momentum in upstream operations and improved performance across major oil assets.
Crude oil production alone stood at 1.488 million bpd in April, bringing Nigeria close to fully meeting its 1.5 million bpd production quota allocated by the Organization of the Petroleum Exporting Countries (OPEC).
As part of efforts to further ramp up production, the country plans to launch the 2026 licensing round.
Chief Executive Officer of the NUPRC, Mrs. Oritsemeyiwa Eyesan, said the Commission had received approval from the Minister of Petroleum Resources in accordance with the Petroleum Industry Act to proceed with this year’s bid round.
Mrs. Eyesan made the disclosure when Meren Energy (formerly Africa Oil) visited the corporate headquarters of the NUPRC in Abuja last Wednesday, June 3, 2026.
Expressing satisfaction with the progress of the 2025 Licensing Round, she said the commercial bid stage would take place in July, after which preparations for the 2026 licensing round would begin.
According to Eyesan, the strong participation in the 2025 Licensing Round demonstrates that Nigeria is moving in the right direction.
She noted that rising investments and increased production are evidence that Nigeria’s oil and gas sector, under the leadership of President Bola Tinubu, has become increasingly attractive to investors.
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round.
“So, we are in the process of finalising the 2026 launch, which will happen no later than the third quarter. This is a make-or-break point, and we want to make sure we get it right,” she said.
In his remarks, Meren Energy Group Chief Executive Officer Dr. Oliver Quinn said the ongoing reforms had encouraged the company to increase its investments in Nigeria, hence its interest in asset divestments and licensing rounds.
Quinn revealed that Africa remains Meren Energy’s investment priority, with Nigeria ranking as its number one market.
“We have operated in the Agbami, Akpo and Egina world-class fields. Over the past 20 years, approximately $11 billion in capital from our side has gone into these assets, while about $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.”
According to Quinn, Meren Energy is encouraging its partners in these assets to deepen their investments and boost overall production.
He added that Meren Energy was the first company in Nigeria to sell crude oil to the Dangote Refinery and would continue to meet its Domestic Crude Supply Obligation, provided market prices remain favourable.
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