Meren Energy has built exposure to some of Nigeria’s largest deepwater oil fields with a workforce of about 50 people. That is possible because Meren does not operate the assets itself.
On 3 June 2026, the Canadian company, formerly known as Africa Oil, met with the Nigerian Upstream Petroleum Regulatory Commission and signalled plans to increase investment in Nigeria. Its Group CEO described the country as the most important market in Meren’s African portfolio.
The scale of its existing exposure is already significant. According to the CEO, Meren has participated in the Agbami, Akpo and Egina fields for around 20 years, with roughly $11 billion of capital associated with its interests and about $4 billion paid in taxes and royalties.
Meren owns minority stakes in major offshore assets, while larger partners handle operations.
Chevron operates Agbami, a unitised field spanning OML 128 and PML 52 and PPL 2003. Meren owns 8 per cent of PML 52 and PPL 2003, giving it an effective interest of about 5 per cent in the Agbami field. Other participants include Famfa Oil, Chappal Energies Mauritius and NNPC Limited as concessionaire.
TotalEnergies operates Akpo, Egina and Preowei. Meren holds a 32% share of a 50% participating interest, giving it an effective 16% interest in those assets. Sapetro and CNOOC International are also partners, with NNPC Limited as concessionaire. This operating model explains how Meren can manage a large portfolio with a relatively small organisation.
Meren Energy Inc (MER.TO) is a leading independent, full-cycle E&P with production and development assets in deepwater Nigeria, a leading carried position in the Orange Basin across Namibia and South Africa, and operated licences in Equatorial Guinea.
