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The Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has issued the Conversion and Renewal (Licences and Leases) Regulations, 2026 (the “2026 Regulations”) which repeals the Conversion and Renewal (Licenses and Leases) Regulations, 2022 (the “2022 Regulations”).
20 April 26
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This regulatory update forms part of the Petroleum Industry Act, 2021 (the “PIA”)’s transition mandate for migrating legacy upstream titles into the PIA framework and for governing the renewal, extension and progression of PIA-era licences and leases. In practical terms, the Regulations govern how holders of legacy oil prospecting licences (“OPLs”), oil mining leases (“OMLs”), marginal field interests and PIA licences/leases apply for conversion, renewal or extension, and what conditions must be satisfied in relation thereto.
The 2026 Regulations do not fundamentally change the conversion economics. Their significance lies in the clarification of NUPRC’s regulatory approach provided therein. Over the last year, NUPRC has publicly emphasised approval timelines, regulatory predictability, electronic workflows and stricter acreage discipline. It has also confirmed that several petroleum prospecting licence holders have active conversion requests under review and that titleholders are expected to progress assets rather than warehouse them. The 2026 Regulations address gaps in the 2022 Regulations, remove outdated transition language, and provide a clearer basis for conversion and renewal decisions affecting producing assets.
This note focuses on material changes from the 2022 Regulations and the likely legal consequences for upstream stakeholders.
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Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Oghogho Makinde.