The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that nearly 300 companies, both local and foreign, are competing for 50 oil blocks in the ongoing 2025 licensing round. Chief Executive Officer Mrs Oritsemeyiwa Eyesan made the announcement at the Offshore Technology Conference (OTC) 2026 in Houston, Texas. She described the level of interest as evidence of renewed investor confidence in Nigeria's upstream petroleum sector.
Eyesan attributed the surge in applications to reforms under the Petroleum Industry Act (PIA) and policy actions by President Bola Tinubu's administration. She stated the PIA had improved regulatory clarity and competitiveness, though noted that periodic reviews were necessary to maintain吸引力. The removal of fuel subsidies, she added, had accelerated energy transition, with growing use of Compressed Natural Gas (CNG) for transportation.
Eyesan confirmed Nigeria remains committed to ending gas flaring by 2030 and achieving net zero emissions by 2060, citing the Nigeria gas flare commercialisation programme as a key tool. She emphasized NUPRC's dual role as both enabler and regulator, ensuring compliance while supporting investment.
Also speaking was Petroleum Technology Association of Nigeria (PETAN) Chairman Mr Wole Ogunsanya, who said Nigeria is close to reaching 1 million barrels per day of active refining capacity. He stressed that technology and partnerships would be essential to scaling production to 3 million barrels per day within five years.
Other Nigerian stakeholders present included Jim Swartz, Managing Director of Chevron Nigeria Limited; Adedapo Segun, CFO of NNPC; Adegbite Falade, Chairman of IPPG; Dr Leemon Ikpea, Chairman of Lee Engineering Group; and Mr. Leemon Ikpea, Chairman of Energia Limited.
