President Bola Tinubu has approved Nigeria's 2026 oil block licensing round as the government seeks to attract more investment into the oil sector, but some Nigerians are urging authorities to prioritize security concerns and the release of abducted students and teachers.
NUPRC Announces Presidential Approval
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that President Tinubu has approved the 2026 oil block licensing round, expected to launch by the third quarter of 2026. The announcement was made on Wednesday by the Head of Media and Corporate Communications at NUPRC, Eniola Akinkuotu, following a visit by Meren Energy, formerly known as Africa Oil, to the commission's headquarters in Abuja.
Speaking during the visit, the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, said the current 2025 licensing round was progressing well and had attracted strong investor interest. She noted that the commercial bidding phase for the ongoing 2025 round is scheduled for July, while plans for the next cycle have already received presidential backing.
"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," Eyesan said.
Investor Confidence Grows
Eyesan noted that increasing participation in the current bid round points to renewed confidence in Nigeria's oil and gas sector. She added that reforms introduced under the Tinubu administration were helping to improve investment inflows and strengthen the country's position in the global energy market. She further explained that the success of the ongoing licensing exercise would lay the groundwork for future upstream asset allocations and long-term growth in crude oil production.
Meanwhile, Meren Energy reaffirmed its commitment to expanding investments in Nigeria, describing the country as the centerpiece of its African operations. The company's Group Chief Executive Officer, Dr. Oliver Quinn, highlighted the firm's involvement in some of Nigeria's biggest deepwater oil assets, including Agbami, Akpo, and Egina fields.
"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.
He stated that Nigeria remains Meren Energy's most important investment destination on the continent and said ongoing reforms have encouraged the company to pursue new opportunities, including participation in future licensing rounds and asset acquisitions. Quinn also disclosed that Meren Energy became the first company to supply crude oil to the Dangote Petroleum Refinery. He said the company would continue to meet domestic crude supply obligations where commercially viable.
According to him, Meren Energy is also working with its partners to increase investments and boost crude oil production in line with Nigeria's output targets. The announcement comes as Nigeria seeks to attract more upstream investments, raise crude oil production, and maximize revenue from its petroleum resources despite growing global pressure for a transition away from fossil fuels.
Public Outcry Over Security
However, the development sparked criticism online, with some Nigerians arguing that the government should prioritize tackling insecurity and securing the release of abducted schoolchildren and teachers before celebrating new oil licensing rounds. "Stop deceiving yourself Tinubu and go and release those kids and their teacher! We don't need any other news," one social media user wrote, echoing the sentiments of others who believe security challenges should remain the government's immediate focus.
Mixed reactions have continued to trail President Tinubu's approval of Nigeria's 2026 oil block licensing round, with many Nigerians on social media urging the government to focus on pressing security concerns, including the release of kidnapped students and teachers in Oyo state.
