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.