The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that about 300 companies are competing for 50 oil blocks offered under Nigeria’s ongoing 2025/2026 licensing round, underscoring heightened investor appetite for the country’s upstream petroleum sector.
The Chief Executive Officer of the Commission, Oritsemeyiwa Eyesan, made this known on Monday while speaking at the Nigerian Pavilion during the Offshore Technology Conference 2026 held in Houston, Texas.
According to Eyesan, the level of participation reflects growing confidence in Nigeria’s oil and gas industry and signals significant investment opportunities within the sector.
“We have about 50 assets on offer and nearly 300 applicants. That tells you the opportunities are significant, and the story will change rapidly,” she said.
Industry Transformation Driven by Local Capacity
Eyesan noted that Nigeria’s oil and gas sector is undergoing a major transformation, driven by increasing participation from indigenous firms, evolving regulatory policies, and climate-focused initiatives.
She revealed that nearly 100 Nigerian companies are now actively operating in the upstream sector, marking a departure from decades of dominance by international oil companies. The shift, she explained, is enabling local players to take the lead in exploration, production, and technological innovation.
The Nigerian Pavilion, organised by the Petroleum Technology Association of Nigeria, focused on the theme “Africa’s Energy Transformation: Scaling Investment, Technology, and Local Capacity for Sustainable Growth.”
Energy Transition and Climate Targets
Eyesan emphasised that Nigeria is pursuing ambitious environmental targets, including eliminating gas flaring by 2030 and achieving net-zero emissions by 2060. She disclosed that gas flaring levels have already dropped below 10 per cent, with ongoing efforts to completely eradicate the practice.
“We are not just penalising flaring. We are commercialising it,” she said, noting that flare sites are being allocated to companies capable of converting wasted gas into useful energy.
The initiative, she added, is projected to generate up to three gigawatts of electricity, contributing to national power supply.
She also highlighted ongoing efforts to integrate cleaner energy technologies into oil operations, including the use of solar power in offshore facilities and the exploration of carbon capture, utilisation, and storage solutions.
Policy Reforms and Investment Climate
The NUPRC boss described the Petroleum Industry Act (PIA) as a “game changer,” stating that it has improved regulatory clarity and enhanced Nigeria’s competitiveness in the global energy market.
She added that the government continues to review and adjust policies to attract and retain investment, stressing that collaboration between regulators and industry players remains central to the Commission’s approach.
Nigeria’s Role in Africa’s Energy Future
Looking beyond domestic priorities, Eyesan said Nigeria is well-positioned to play a leading role in Africa’s energy development by expanding access to energy, reducing energy poverty, and supporting industrial growth across the continent.
She also pointed to reforms in the downstream sector, particularly the removal of fuel subsidies, which she said has accelerated the adoption of alternative fuels such as compressed natural gas.
Stakeholders Express Optimism
In his remarks, Chairman of PETAN, Wole Ogunsanya, said Nigeria’s strong presence at the global conference reflects resilience and commitment to advancing the energy sector despite global uncertainties.
He noted that stakeholders are increasingly aligned on the need to boost production and strengthen energy security, adding that Nigeria is approaching a significant milestone in refining capacity.
According to him, the country is on track to achieve up to one million barrels per day in operational refining capacity, a development expected to reduce dependence on fuel imports and improve domestic supply.
