At the ongoing Offshore Technology Conference (OTC) 2026 in Houston, Texas, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that nearly 300 local and international companies are competing for just 50 oil blocks in the country’s 2025 licensing round—an indication, officials say, of rising global appetite for Nigerian assets.
The Commission’s Chief Executive Officer, Oritsemeyiwa Eyesan, described the level of participation as a strong vote of confidence in the sector’s reform trajectory and investment outlook.
“As the Commission Chief Executive of NUPRC, we are constantly in the market by virtue of PIA, to open our bridges to would-be investors. The interesting phenomenon, we only have 50 assets, we have almost 300 applicants for those 50 blocks. That tells you that the opportunities are there,” she said.
Her remarks came during the NUPRC/PETAN Evolution Exchange session at the Nigerian pavilion, where stakeholders examined the evolving dynamics of upstream investment, regulatory reforms, and production growth targets.
According to her, the introduction of the Petroleum Industry Act (PIA) has been central to reshaping investor sentiment by clarifying regulatory frameworks and improving competitiveness. She also noted that ongoing policy adjustments by the current administration have further strengthened Nigeria’s attractiveness in the global energy market.
“When we enacted the PIA, we thought we had achieved competitiveness. However, within a few years of implementing the PIA, when we did a global benchmark, a global study, we found that the PIA terms were not as competitive as they were two years prior,” she explained, adding that continuous reforms are aimed at maintaining investment appeal.
Beyond licensing activities, the NUPRC boss also pointed to broader structural changes in Nigeria’s energy landscape, including the removal of fuel subsidies and its impact on accelerating alternative energy adoption. She highlighted the growing use of Compressed Natural Gas (CNG) as evidence of a shifting mobility and energy consumption pattern.
On climate commitments, Eyesan expressed confidence that Nigeria remains on track to end gas flaring by 2030 and achieve net-zero emissions by 2060, citing the government’s gas flare commercialisation programme as a key intervention.
She emphasised that the Commission continues to balance its dual mandate of enabling investment while enforcing compliance, stressing that regulatory discipline remains central to sector stability.
“We have a listening ear. We’ve told the industry we will be an enabler for business. But at the same time, we will also ensure that the rules are adhered to,” she stated.
In a related address at the same conference, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, projected a significant expansion in Nigeria’s refining landscape, saying the country is nearing 1 million barrels per day of active refining capacity.
He stressed that technology adoption and strategic partnerships remain essential to scaling crude oil production to 3 million barrels per day within the next five years.
“This is telling us that the drive to ensure Nigeria increased production, not just for our quota in OPEC, but also for the refineries that we have in Nigeria,” he said.
Ogunsanya also noted that while Nigeria has made progress in refining expansion, a portion of installed capacity remains idle due to operational and infrastructure constraints. He emphasised that modern equipment and advanced technology will be necessary to unlock full production potential.
“In the industry, when you’ve not produced 2 million barrels of oil for the past 15 years, you cannot just wake up overnight to do that,” he explained, pointing to the need for safer, more efficient extraction systems.
Other prominent industry figures present at the event included executives from Chevron Nigeria Limited, Nigerian National Petroleum Company Limited (NNPC Ltd), and leaders from independent producers and engineering firms, underscoring the broad industry engagement around Nigeria’s energy future.
Together, the discussions at OTC 2026 reinforced a central theme: Nigeria’s upstream sector is entering a new phase of competitiveness, shaped by reforms, rising investor participation, and an urgent push to modernise production infrastructure.