The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said nearly 300 local and international companies have applied for just 50 oil blocks in the 2025 licensing round. It described this level of interest as a sign that investor confidence in the upstream sector is improving.
The Commission’s Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan, shared this update while speaking to participants at the Offshore Technology Conference (OTC) 2026 in Houston, Texas.
At the same event, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, said Nigeria is close to reaching 1 million barrels per day in active refining capacity. He added that stronger use of technology and partnerships will be needed to increase oil production to 3 million barrels per day within five years.
Speaking during the NUPRC and PETAN session at the Nigerian pavilion, Eyesan said the strong investor turnout reflects growing confidence in Nigeria’s oil and gas sector.
She explained that the Petroleum Industry Act (PIA) and recent government actions under President Bola Tinubu have made the upstream sector more attractive, as seen in the high number of applicants in the licensing round.
She noted that although only 50 assets are available, close to 300 companies have shown interest, which highlights the opportunities in the sector.
Eyesan linked this renewed interest to ongoing reforms and efforts to make the regulatory environment more competitive.
She said that while the PIA initially improved competitiveness, a later global review showed Nigeria needed to do more. According to her, the government has continued to adjust policies and introduce incentives to attract and retain investors.
She also pointed out that the removal of fuel subsidies has supported energy transition efforts and increased the use of alternatives like compressed natural gas for transportation.
On climate goals, she expressed confidence that Nigeria can end gas flaring by 2030 and reach net zero by 2060. She mentioned the gas flare commercialization program as one of the key initiatives supporting this goal.
Eyesan said NUPRC aims to support businesses while also enforcing industry rules. She stressed that the Commission is open to engagement but expects operators to comply with regulations.
She added that Nigeria is positioning itself as a leading energy hub in Africa.
Ogunsanya, speaking at the same event, said Nigeria is close to achieving 1 million barrels per day of operational refining capacity. He stressed that improving production is necessary to meet both OPEC quotas and local refining demand.
He explained that Nigeria needs to increase production not just for exports but also to supply its growing number of refineries.
He added that while installed capacity may be higher, the focus is on reaching 1 million barrels per day of actual working refining capacity soon.
Ogunsanya also said about 500,000 barrels per day of refining capacity are currently idle. He stressed that increasing oil and gas production remains a key priority.
He acknowledged that raising output will take time, especially after years of low production. He explained that new equipment and modern technology are needed to replace outdated systems and make operations more efficient and cost-effective.
Other industry leaders present at the event included senior executives from Chevron Nigeria, NNPC, the Independent Petroleum Producers Group, Lee Engineering, Aradel Holdings, and the Nigerian Content Development and Monitoring Board, among others.
source: www.thisdaylive.com
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