Meren Energy Inc., a global exploration and production company with a strong presence in Nigeria’s upstream space, has, in its recent reports, highlighted that Nigeria’s macroeconomic and sector-specific reforms are beginning to show tangible results, with improved fiscal clarity, stronger government engagement, and targeted incentives aimed at sustaining investment in the oil and gas sector.
It noted that the Nigerian Federal Government has reaffirmed its support for upstream development through regulatory stability and commercial incentives, contributing to renewed capital commitment across offshore oil and gas projects. This improved investment climate is evidenced by recent final investment decisions on major developments such as Bonga North, Ubeta Gas Project, and HI Offshore Gas Project, which collectively signal growing confidence in Nigeria as a destination for long-term energy investment.
Akpo/Egina Fields
In collaboration with its JV Parties, the Company is continuing to advance the restart of the Akpo/Egina 2026 drilling campaign following the break in the 2025 program. Work is underway to secure a deepwater rig with the drilling of the Akpo Far East near-field prospect, the first planned well in the campaign. This will be followed by the drilling of further infill development wells in the Akpo and Egina fields in late 2026 and into early 2027. Notably, the pause in the drilling program has created a valuable opportunity for the interpretation of 4D seismic data focused on the maturation of infill well candidates.
The Akpo Far East prospect presents a strategically-positioned fast-cycle tie-back opportunity that will utilise the existing Akpo facilities. The prospect lies about 5 km east of the currently producing Akpo field and the planned drilling approach will assess all prospective resource volumes identified within the prospect. To support this, efforts are ongoing to complete all the work required to spud the Akpo Far East exploratory well in 2026.
Preowei Field
Work is actively progressing on the remaining subsurface and development opportunities within the PML 2/3/4 license area. Preowei Field subsurface review and development validation activities continued in Q4 2025, with study results expected in H1 2026 to guide the timing and scope of an FID. The planned appraisal activity by TotalEnergies in the Egina South area in OPL 257, currently expected in 2026, may further de-risk adjacent resources and, if successful, indicate potential additional value for Meren through proximity to existing infrastructure.
Gas Development
In early 2026, Meren and its JV Parties in PML 2/3 successfully executed an amendment to the gas sales agreement that includes a revised index for gas pricing, locking in a long-term gas price that is more reflective of the current LNG economics compared to 2018 when the contract was initially signed. The amendment also includes a mechanism for the sellers to recover the historical difference between the interim gas price adjustment and the new index, starting from 2020, when the previous index ceased to be published. This historical amount will be recovered through an upward adjustment to the netback pricing that includes the handling fee for the gas sold, which will improve future gas revenue for the Company.
Agbami Field
In Agbami, the FPSO unit life extension studies to ensure long term asset integrity and to enhance operation performance of the facility, are expected to conclude in 2026. Also, the ongoing 4D seismic interpretation and rig contracting activities for the Agbami infill drilling program remain on schedule. The Agbami infill drilling campaign is expected to commence in Q1 2027, following the planned arrival of the rig in Q4 2026 with the Ikija appraisal well being matured to initiate the campaign as the first well.
