Nigeria Oil Licensing Round Draws 300 Firms for 50 Blocks, Signalling Renewed Investor Confidence – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that nearly 300 local and international companies are competing for 50 oil blocks in Nigeria’s ongoing 2025 licensing round, underscoring a resurgence of investor interest in Africa’s largest oil producer.
Speaking at the Offshore Technology Conference 2026 in Houston, Texas, the Commission’s Chief Executive, Oritsemeyiwa Eyesan, said the strong participation reflects growing confidence in Nigeria’s upstream sector following recent regulatory reforms.
According to Eyesan, the level of interest highlights the country’s renewed competitiveness: “We only have 50 assets, but almost 300 applicants. That tells you the opportunities are there,” she said during the NUPRC/PETAN Evolution Exchange session.
Reforms Driving Investor Confidence
Eyesan attributed the surge in applications to the implementation of the Petroleum Industry Act (PIA) and ongoing policy adjustments by the administration of Bola Tinubu. She noted that while the PIA initially improved regulatory clarity, the government has continued to refine fiscal terms to remain globally competitive.
The NUPRC chief added that the removal of fuel subsidies is accelerating Nigeria’s energy transition, particularly through increased adoption of compressed natural gas (CNG) for transportation.
She also reaffirmed Nigeria’s environmental targets, including ending gas flaring by 2030 and achieving net-zero emissions by 2060, supported by initiatives such as the gas flare commercialisation programme.
Nigeria Positions as Africa’s Energy Hub
Eyesan emphasised the regulator’s dual mandate to enable investment while enforcing compliance, signalling a more structured and investor-friendly operating environment.
She positioned Nigeria as a key energy anchor for Africa, noting that sustained reforms and investor engagement are central to unlocking long-term upstream growth.
Refining Capacity Nears 1 Million bpd
At the same event, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, said Nigeria is close to reaching 1 million barrels per day (bpd) of active refining capacity.
He stressed that scaling crude production to 3 million bpd within five years will depend heavily on technology adoption and strategic partnerships. Increased output, he noted, is critical to meeting both domestic refining demand and Nigeria’s quota under OPEC.
Ogunsanya also highlighted that while refining capacity is expanding, about 500,000 bpd remains idle, pointing to the urgent need for upstream investment and modern equipment.
Industry Outlook
Other senior industry figures present at OTC 2026 included executives from Chevron Nigeria Limited and the Nigerian National Petroleum Company Limited, alongside representatives of independent producers.
The strong response to the licensing round, combined with improving refining capacity and policy reforms, signals a potential turning point for Nigeria’s oil and gas sector as it seeks to reclaim higher production levels and attract long-term global capital.
