The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that 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, Dr. Oritsemeyiwa Eyesan, stated that 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.
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.
Local media reports quoted Dr Eyesan as saying that the removal of fuel subsidies is accelerating Nigeria’s energy transition, particularly through increased adoption of compressed natural gas (CNG) for transportation.
She added that 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.
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.
GIK/APA