The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that a total of 300 firms are currently jostling for the 50 oil blocks put out in the 2025/2026 licensing rounds.
Chief Executive Officer of the Commission, Oritsemeyiwa Eyesan, disclosed this on Monday at the Nigerian Pavilion of Offshore Technology Conference 2026 in Houston, Texas.
According to her, the development revealed the juicy investment opportunities in Nigeria, adding that investors have a strong interest in Nigeria’s 2025 bid round.
“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.
She explained that Nigeria’s oil and gas sector is in the middle of a “quiet but far-reaching transformation,” driven by local firms, zero-flare targets, and ambitions to lead Africa’s energy future, regulators told investors Monday at the 2026 Offshore Technology Conference.
The Nigerian Pavilion was organised by the Petroleum Technology Association of Nigeria (PETAN) with the 2026 edition themed: “Africa’s Energy Transformation: Scaling Investment, Technology, and Local Capacity for Sustainable Growth.”
NUPRC Boss said indigenous companies, climate goals, and policy reform are reshaping the industry from the ground up.
“Today, nearly 100 Nigerian companies are operating in the sector. That is phenomenal,” Eyesan said at the PETAN-organized Nigerian Pavilion. The shift marks a move away from decades of dominance by a handful of international oil companies toward local firms driving exploration, production, and tech adoption.
Her remarks highlight a significant shift from an era dominated by a handful of international oil companies to one where indigenous firms are increasingly shaping the industry’s direction.
She said that at the core of her agenda is a dual target of eliminating gas flaring by 2030 and achieving net-zero emissions by 2060.
She disclosed that gas flaring has already dropped below 10 per cent, with firm plans to eradicate it.
“We are not just penalising flaring. We are commercialising it,” Eyesan said, explaining that flare sites are being concessioned to firms capable of converting wasted gas into usable energy.
She said that the initiative is expected to generate up to three gigawatts of electricity.
She expressed confidence that Nigeria’s decarbonisation goals are achievable, emphasising a pragmatic transition that integrates cleaner technologies rather than abandoning hydrocarbons altogether.
According to her, some offshore facilities already deploy solar energy, while carbon capture, utilisation, and storage projects are under consideration.
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Eyesan described the Petroleum Industry Act (PIA) as a “game changer” that has improved regulatory clarity and competitiveness while noting that continuous policy adjustments are necessary to remain globally attractive.
“The government has been responsive. We constantly evaluate our position and adjust to attract and retain investment,” she said.
She stressed that the Commission remains committed to enabling business while enforcing compliance, adding that collaboration is not confrontation, and will define engagement with industry players.
Looking beyond Nigeria, Eyesan said the country is well-positioned to drive Africa’s broader energy development.
“Nigeria is a major player, but I see us as a beacon for Africa. We have the resources to expand energy access, reduce energy poverty, and support industrialisation across the continent,” she said.
She also pointed to reforms in the downstream sector, noting that the removal of fuel subsidies has accelerated the adoption of alternative fuels such as compressed natural gas (CNG), with further growth expected as domestic gas infrastructure expands.
In his remarks, Wole Ogunsanya, Chairman of PETAN, said Nigeria’s participation at the conference demonstrates resilience despite global uncertainty and challenges.
“Even in these trying moments, not just in the United States but globally, we ensured Nigeria was represented,” Ogunsanya said.
“We engaged extensively to support delegates’ participation, and the outcome is encouraging.”
He noted that the strong presence of key stakeholders reflects a shared commitment to boosting production and strengthening the country’s energy security.
Ogunsanya added that Nigeria is approaching a major refining milestone, with projections of up to one million barrels per day in operational refining capacity, positioning the country to reduce import dependence and meet domestic demand more effectively.
