NUPRC: Nearly 300 firms compete for 50 oil blocks in licensing round

THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that close to 300 companies, both local and international, are vying for 50 oil blocks in the ongoing 2025 licensing round, a development it says reflects renewed investor confidence in Nigeria’s upstream oil and gas sector.

The commission’s Chief Executive Officer, Ms Oritsemeyiwa Eyesan, made this known while speaking at the Offshore Technology Conference 2026 in Houston, Texas. She noted that the high level of interest highlights the attractiveness of opportunities within Nigeria’s petroleum industry.

According to Eyesan, the strong turnout of applicants is closely tied to reforms introduced under the Petroleum Industry Act (PIA), alongside policy initiatives of the administration led by Bola Tinubu. She explained that the regulatory framework has improved transparency and competitiveness, thereby drawing increased investor participation.

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She added that although the PIA initially strengthened the sector’s appeal, subsequent global benchmarking revealed the need for further improvements. This, she said, has prompted the government to continually refine incentives aimed at attracting and retaining investment.

Eyesan also linked recent policy shifts, including the removal of fuel subsidies, to growth in alternative energy adoption. She pointed to the rising use of compressed natural gas (CNG) for transportation as an indication of progress in energy transition efforts.

On environmental goals, she expressed confidence that Nigeria remains on track to end gas flaring by 2030 and achieve net-zero emissions by 2060. She cited initiatives such as the gas flare commercialisation programme as key to meeting these targets.

Reaffirming the commission’s stance, Eyesan said NUPRC would maintain a balance between enabling business and enforcing compliance, stressing that operators must adhere strictly to industry regulations.

Meanwhile, Chairman of the Petroleum Technology Association of Nigeria, Mr Wole Ogunsanya, said Nigeria is approaching one million barrels per day (bpd) in active refining capacity. He emphasised that technology adoption and strategic partnerships would be essential to scaling crude oil production to 3 million bpd within 5 years.

READ ALSO: NUPRC slashes entry barriers, opens 50 oil blocks to attract new investors

Ogunsanya noted that increasing output is crucial not only for meeting quotas set by the Organization of the Petroleum Exporting Countries (OPEC) but also for supplying domestic refineries coming on stream. He added that while refining capacity is rising, about 500,000 bpd remains idle.

He acknowledged longstanding production challenges, explaining that years of underperformance cannot be reversed overnight. According to him, modern equipment and advanced technologies will be required to boost exploration and production efficiently and cost-effectively.