Nigeria is set to open a new phase of oil exploration as the federal government gives approval for the 2026 oil block licensing round, a move expected to attract fresh investment into the country’s upstream petroleum sector.
The plan, backed by President Bola Tinubu, was confirmed by the Nigerian Upstream Petroleum Regulatory Commission, which said preparations for the exercise are already underway and expected to be concluded before the end of the year.
According to the regulator, the next licensing cycle is scheduled to begin in the third quarter of 2026, following an earlier round planned for 2025. Officials say the process reflects ongoing reforms aimed at improving transparency and boosting investor confidence in Nigeria’s oil and gas industry.
Speaking during a meeting with energy investors in Abuja, the Commission Chief Executive, Oritsemeyiwa Eyesan, explained that interest in the current licensing round has been strong, signaling renewed optimism in the sector. She added that the 2026 round would build on expected outcomes from the 2025 bid exercise, which includes a commercial auction scheduled for July.
Industry stakeholders, including Meren Energy, have also expressed confidence in Nigeria’s investment climate. The company noted that it has already committed heavily to major oil projects in the country over the years and sees Nigeria as a core part of its long-term strategy in Africa.
Meren Energy also highlighted its involvement in key offshore assets and its role in supplying crude to the Dangote Petroleum Refinery, while indicating interest in further investment opportunities as reforms continue to unfold.
Officials say the licensing programme is part of broader efforts to increase crude oil production and strengthen Nigeria’s position in the global energy market, especially as the industry faces pressure from shifting energy transition trends.
The government believes that sustained investor participation and upcoming bid rounds will help unlock new reserves and support long-term revenue growth.
