Nigeria Targets Fresh Oil Investment with Q3 Bid Round

Nigeria is intensifying efforts to attract fresh investment into its oil and gas sector, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announcing that the 2026 Oil Licensing Round will commence in the third quarter of the year.

The move comes as the country seeks to sustain growing investor confidence in its upstream petroleum industry, following recent regulatory reforms and improvements in crude oil production. According to the NUPRC, preparations for the 2026 bid round are already in advanced stages after securing the necessary approvals from the Federal Government in line with the provisions of the Petroleum Industry Act (PIA).

Speaking during a meeting with representatives of Meren Energy in Abuja, NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, expressed optimism about the future of Nigeria’s oil sector, noting that participation in the ongoing 2025 Licensing Round has been encouraging.

She revealed that the commercial bid phase of the 2025 round is expected to take place in July, after which attention will shift to the launch of the 2026 exercise. According to her, the strong interest shown by investors reflects increasing confidence in Nigeria’s energy sector and the effectiveness of recent reforms aimed at improving transparency and ease of doing business.

Industry stakeholders believe the licensing rounds are critical to unlocking new exploration opportunities, boosting crude oil production, and attracting long-term capital into Africa’s largest oil-producing nation. The government has continued to position the sector as an attractive destination for both indigenous and international investors by streamlining regulatory processes and lowering entry barriers for new participants.

Meren Energy, one of the companies showing renewed interest in Nigeria, described the country as its leading investment destination in Africa. The company’s Group Chief Executive Officer, Dr. Oliver Quinn, disclosed that it has invested about $11 billion in Nigerian assets over the past two decades, with an additional $4 billion paid in taxes and royalties.

Quinn noted that recent reforms have encouraged the company to consider further investments through asset acquisitions and future licensing opportunities. He added that Nigeria remains central to the company’s growth strategy due to the quality of its oil and gas assets, including the Agbami, Akpo, and Egina fields.

The planned 2026 Licensing Round is expected to build on the momentum generated by previous bid exercises and support the Federal Government’s broader objective of increasing crude oil production, attracting foreign direct investment, and strengthening Nigeria’s position in the global energy market.

Analysts say the success of the initiative could help unlock new reserves, accelerate exploration activities, and provide a significant boost to government revenue at a time when the country is seeking to maximize the value of its hydrocarbon resources.