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NUPRC announces 2026 licensing round

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2026 oil and gas licensing round will commence by the third quarter of 2026, following approval from the Minister of Petroleum Resources.

The commission disclosed this in a statement issued on Wednesday after a visit by Meren Energy, formerly Africa Oil, to its headquarters in Abuja.

According to the statement, NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, announced the timeline while receiving the delegation.

“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2026 Licensing Round will commence latest by Q3 2026, having received the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act,” the statement said.

Mrs Eyesan expressed satisfaction with the progress of the ongoing 2025 Licensing Round, noting that the commercial bid phase is scheduled for July, after which preparations for the next round would begin.

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A licensing round is a competitive process through which governments allocate oil and gas exploration and production rights to companies.

2025 licensing round

The announcement comes months after the NUPRC, under its former Chief Executive, Gbenga Komolafe, launched the 2025 licensing round, which took effect from 1 December 2025.

At the launch, Mr Komolafe said the commission was focused on addressing funding constraints in the upstream sector by improving collaboration among stakeholders.

“One of the factors that affected business is that activities were happening in silos, but the NUPRC now realises the need to bring everyone together,” he said.

As part of preparations for the 2025 exercise, the commission in January invited global energy investors, upstream operators, financial institutions and strategic partners to a webinar ahead of the bid process.

In March, the NUPRC announced the completion of the pre-qualification stage, enabling successful applicants to access and lease relevant geological and technical data required for technical and commercial bid submissions.

“With the pre-qualification stage now successfully completed, the Commission will, from today, March 17, 2026, permit successful applicants to lease data in preparation for the technical and commercial bid submissions,” the commission said at the time.

The regulator added that applicants would only be allowed to source data from approved channels and must provide evidence of payment before submitting bids.

‘Attractive investment destination’

Speaking on Wednesday, Mrs Eyesan said increased participation in the 2025 licensing round reflects growing confidence in Nigeria’s oil and gas sector.

She attributed this to rising investments, improved production levels and reforms implemented under President Bola Tinubu’s administration.

“We are also fortunate that the President and Minister of Petroleum Resources have approved the 2026 Licensing Round,” she said.

“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.”

ALSO READ: Nigerian govt inaugurates new NUPRC board members

Also speaking, Meren Energy Group CEO, Oliver Quinn, said reforms in Nigeria’s oil and gas sector have encouraged the company to expand its investments and participate more actively in asset acquisitions and licensing opportunities.

Mr Quinn said Nigeria remains Meren Energy’s top investment destination in Africa.

“We have operated in Agbami, Akpo and Egina world-class fields. I think till date, in 20 years, about $11 billion in capital from our side has gone into these assets, and about $4 billion has gone to tax and royalties,” he said.

“Nigeria remains the core of our business today because of the quality of these assets.”

According to him, the company is encouraging its partners to deepen investments in existing assets to boost production.

Mr Quinn also said 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 commercial terms remain favourable.


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OpenAI to end Cursor deal with SpaceX over contract, safety concerns

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OpenAI has notified SpaceX of its intention to terminate its contract to provide OpenAI models to Cursor, citing concerns over compliance with its terms of service.

The AI company said in a statement on Friday that it intends to wind down the contract by 12 November, giving SpaceX the maximum notice period permitted under the agreement.

The notice to end the contract followed Elon Musk-owned SpaceX’s acquisition of Anysphere, the developer of AI coding platform Cursor, for about $60 billion, despite OpenAI having worked with Cursor for nearly four years.

OpenAI said the decision followed concerns that SpaceX may not use its technology in accordance with its terms of service, citing what it described as previous contract violations involving companies owned by Mr Musk.

“This decision was incredibly tough, as we care deeply about our models being broadly available for developers.

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“We are making this choice because we cannot be confident that SpaceX will use our technology within our terms of service, based on our experience with Elon Musk’s companies violating contracts,” OpenAI said.

Agreements

The company said its agreements with large partners typically include customised provisions designed to ensure compliance with its terms of service and safety requirements.

According to OpenAI, after Mr Musk acquired Twitter, now known as X, the social media company breached the terms of its contract with OpenAI, alongside contracts with other companies.

OpenAI also cited an admission by Mr Musk under oath earlier this year that xAI, which OpenAI said is now part of SpaceX, had violated its terms of service.

The company said its custom agreement with Cursor contains a limited period within which it can terminate the contract following a change of control.

OpenAI said the advancement of AI capabilities had also increased its responsibility to ensure that its forthcoming model, Astra, is deployed in accordance with its terms.

“As AI capabilities advance, we also have a new level of accountability to ensure our upcoming model, Astra, is being used in accordance with our terms,” the company said.

OpenAI said it had decided to allow the contract to remain in place until the latest possible termination date while withholding future models from Cursor.

It acknowledged that developers who rely on OpenAI models through Cursor would be most affected by the decision and said it was prepared to provide additional support during the transition.

The termination will affect Cursor’s access to OpenAI models, although the coding platform also offers models from other AI companies.

Rivalry

Meanwhile, responding to the proposed contract termination, Mr Musk said he was indifferent to the decision and described OpenAI’s leadership as “untrustworthy.”

The rivalry between Mr Musk and OpenAI’s leadership dates back to 2018, when Mr Musk left the company’s board following disagreements over its direction.

ALSO READ: OpenAI admits its system autonomously hacked another company

Mr Musk was a co-founder and early backer of OpenAI, which was established in 2015 as a nonprofit focused on developing artificial intelligence for the benefit of humanity.

After ChatGPT launched in November 2022, Mr Musk warned that “we are not far from dangerously strong AI.”

OpenAI launched its paid ChatGPT Plus subscription in February 2023, while the company had already established a for-profit entity in March 2019 as part of its efforts to raise capital for AI development.

In 2024, Mr Musk sued OpenAI, CEO Sam Altman, and President Greg Brockman, alleging that they had abandoned the company’s nonprofit mission by pursuing a for-profit structure.

However, a federal jury in May 2026 rejected his claims after finding that he had waited too long to bring the lawsuit; the judge subsequently accepted the jury’s decision and dismissed the claims.


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MTN Nigeria’s independent director, Kola-Oyeneyin, to exit board

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MTN Nigeria Communications Plc has announced the exit of Eyitope Kola-Oyeneyin, an Independent Non-Executive Director on its board.

MTN Nigeria disclosed this in a statement released on the Nigerian Exchange Limited (NGX) and signed by Uto Ukpanah, the company’s secretary, on Friday.

The telecommunications giant noted that Mrs Kola-Oyeneyin’s exit will take effect from 31 August, although MTN did not state the reason for her exit in the regulatory filing.

She joined the company’s board in December 2024.

The company extolled Mrs Kola-Oyeneyin’s contributions to the board and wished her success in her future endeavours.

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“The Board extends its appreciation to Mrs. Kola-Oyeneyin for her invaluable service and wishes her the best in her future endeavours,” the company said.

Profile

Mrs Kola-Oyeneyin is a systems change leader and transformation expert with over 20 years of global experience as a senior adviser, operating executive, and policymaker across multiple African countries.

She is the Managing Partner of Augmentum Advisory, where she advises senior leaders on growth and value creation through digital transformation, policy innovation, and large-scale programme execution.

The outgoing independent director is also experienced in digital financial services and has extensive knowledge of the financial services landscape in Sub-Saharan Africa.

In July, the federal government approved her appointment as Chairperson of the Nigerian Investment Promotion Commission (NIPC).

Mrs Kola-Oyeneyin previously served as Head of First Bank’s International Banking business and as a Partner and inaugural co-lead of McKinsey’s Payments and Fintech Practice for Eastern Europe, the Middle East and Africa.

READ ALSO: MTN warns customers against fake promo

She has worked with players across Africa’s financial services value chain and led the development of initiatives including Cashless Lagos and the Shared Agent Network Expansion Facilities (SANEF) agent banking programme, which contributed to efforts to expand financial inclusion in Nigeria.

MTN Nigeria, which began operations in the country in 2001, is one of Nigeria’s largest telecommunications providers, serving more than 92 million people across the country and operating in 19 markets in Africa.


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