Nigeria licensing round to begin in third quarter, regulator says
Nigeria will begin its next oil licensing round in the third quarter after securing the necessary government approvals, a move that could help attract investment into one of Africa’s largest oil-producing nations.
Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the licensing round will begin after the completion of this year’s commercial bid process.
Eyesan added that Nigeria is already seeing a rise in oil investments as production increases.
Licensing rounds are key to bringing new exploration and developments to the market, and Nigeria is keen to lure fresh investments and restore investor confidence following years of regulatory uncertainty.
“So, we are in the process of finalising the 2026 launch, which will happen latest by the third quarter,” Eyesan said, adding that this is the “make or break point and we want to make sure we make it.”
An attempt at transparency
Last year, Nigeria introduced consequential amendments to its Petroleum Industry Act, which aim to reduce bureaucratic delays and accelerate investments across the oil and gas chain.
If the amended bill passes, the formal authority of Nigeria’s oil and gas sector would transfer to NUPRC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), changing hands from NNPC Limited.
This means that regulatory requirements are now “integrated operations” where oversight will be coordinated for shared upstream-midstream operations.
Approvals for contracts, financing, and dispute resolutions could become more efficient, experts have said. For oil and gas companies operating in the region, this could mean faster approval cycles, more predictable schedules, and fewer contract bottlenecks.
This also means better cooperation between regulators, which could translate into fewer and more efficient steps for oil and gas companies.
Following the proposed 2025 amendments, Nigeria has also reduced costs associated with licensing rounds and opened them up to independent authorities to increase transparency.
Investors prepared for changes
Canada’s Meren Energy, which has invested heavily in Nigerian oil, has welcomed the licensing round. The company’s Group CEO, Dr Oliver Quinn, said that Nigeria's new reforms have “inspired the company to increase its investments” in the West African state.
“We have operated in Agbami, Akpo, and Egina world-class fields. I think till date, in 20 years, about $11b in capital from our side has gone into these assets, and about $4b has gone to tax and royalties,” he added.
Nigeria’s commercial bid will conclude ahead of the commencement of NOG Energy Week.
Taking place from 5-9 July at the Bola Ahmed Tinubu International Conference Centre in Abuja, the exhibition and conference will highlight the importance of Nigeria’s upstream performance as fundamental to national energy security, while looking at ways to drive investment to increase energy production.
Strategic panel sessions will aim to answer key questions about this year's licensing round. They will examine the role of the 2026 bids in unlocking new capital, how they will accelerate exploration, how the new policies and regulations can strengthen investments, and how market conditions can enhance investor confidence.
