300 Firms Compete for 50 Oil Blocks in Nigeria's Licensing Round

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that nearly 300 local and foreign companies are vying for 50 oil blocks in the ongoing 2025 licensing round, indicating a resurgence of investor confidence in Nigeria's upstream oil sector. Oritsemeyiwa Eyesan, the Chief Executive Officer of NUPRC, addressed participants at the Offshore Technology Conference (OTC) 2026 in Houston, Texas, highlighting the significance of the Petroleum Industry Act (PIA) in creating a competitive regulatory environment.

The PIA aims to provide clarity and incentives to attract and retain investments in Nigeria's oil and gas industry. Eyesan noted that the removal of fuel subsidies is a catalyst for energy transition and domestic gas growth.

She expressed confidence in Nigeria's ability to meet its goal of ending gas flaring by 2030 and achieving net-zero emissions by 2060. Wole Ogunsanya, chairman of PETAN, discussed Nigeria's potential to reach a refining capacity of 1 million barrels per day, emphasizing the need to increase oil production beyond OPEC quotas.