The current reforms in the oil and gas sector by the Federal Government of Nigeria are described by the industrial stakeholders as enablers that have contributed prominently to the successes being achieved in the 2025 licensing round, as nearly 300 local and international companies are disclosed to have applied for the 50 oil blocks in the bid round.
According to the recent disclosure by the Commission’s Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, these 300 companies, comprising both local and international companies, have applied for just 50 oil blocks in the 2025 licensing round, describing it as a level of interest and renewed confidence investors have bestowed on the upstream sector as improving.
The latest update on the Nigeria 2025 licensing round was made by the Commission’s Chief Executive Officer, Mrs. Oritsemeyiwa Eyesan, while speaking to participants at the Offshore Technology Conference (OTC) 2026 in Houston, Texas, noting that the Petroleum Industry Act (PIA) and recent government reforms under President Bola Tinubu have made the upstream sector more attractive, resulting in the high number of blocks applicants in the licensing round.
She noted that although only 50 assets are available, about 300 companies have shown interest, which highlights the opportunities in the sector and underscores the renewed interest in 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.
Also speaking at the event is the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, who expressed the upstream operators’ commitment and resilience in achieving the set 1 million barrels per day target initiative of the Nigerian government, through stronger use of technology and partnerships, which will be needed to increase oil production to 3 million barrels per day within five years.
