A total of 300 companies are currently competing for 50 oil blocks offered in Nigeria’s 2025/2026 oil licensing round, underscoring strong investor confidence in the country’s upstream petroleum sector.
Key Highlights:
- 300 firms bidding for 50 oil blocks in Nigeria
- 2025/2026 licensing round now at technical and commercial submission stage
- Pre-qualified firms notified on 16 March 2026
- Final bid submissions expected to run until June 2026
- Nearly 100 Nigerian companies now active in upstream operations
- Petroleum Industry Act credited for improved investor confidence
- Nigeria targets expanded local production and reduced fuel import dependence
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the development through its Chief Executive, Oritsemeyiwa Eyesan, during a presentation at the Nigerian Pavilion of the Offshore Technology Conference (OTC) 2026 in Houston, United States.
She said the level of participation reflects renewed global confidence in Nigeria’s oil and gas industry, driven by reforms and improved regulatory clarity.
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According to her, 50 oil assets have been made available, attracting nearly 300 qualified applicants currently advancing through technical and commercial evaluation stages. The bid process follows the completion of pre-qualification screening, with successful applicants granted access to data rooms for final submissions.
Eyesan said the process reflects Nigeria’s expanding investment appeal and a more structured upstream licensing framework.
She described the current phase of the industry as a “quiet but far-reaching transformation,” driven by policy reforms, increased local participation, and efforts to reduce gas flaring while strengthening production capacity.
At the centre of the engagement was the Nigerian Pavilion organised by the Petroleum Technology Association of Nigeria (PETAN), which focused on Africa’s energy transition and investment expansion in the sector.
Eyesan noted a major structural shift in the industry, highlighting the growing role of indigenous oil companies in exploration, production, and technology deployment. She said nearly 100 Nigerian firms are now actively operating in the upstream oil and gas sector, marking a significant departure from decades of dominance by international oil companies.
She also pointed to the Petroleum Industry Act (PIA) as a key driver of improved investor confidence, adding that ongoing regulatory adjustments are aimed at keeping Nigeria competitive in the global energy market.
“The government remains responsive. We continuously review our policies to attract and retain investment while ensuring compliance,” she said.
The NUPRC chief stressed that the commission’s approach focuses on collaboration with industry players rather than confrontation, as part of efforts to build a more stable investment environment.
She also highlighted downstream reforms, particularly the removal of fuel subsidies, which she said has accelerated interest in alternative energy sources such as compressed natural gas (CNG). Expanding domestic gas infrastructure, she added, is expected to further support energy transition efforts.
Eyesan said Nigeria is positioning itself as a leading energy hub in Africa, with the capacity to drive industrial growth, reduce energy poverty, and expand access across the continent.
“Nigeria is not just a major player; we are becoming a reference point for Africa’s energy future,” she said.
Chairman of PETAN, Wole Ogunsanya, said Nigeria’s strong presence at the Offshore Technology Conference reflects resilience in the sector despite global economic uncertainty. He noted that efforts to ensure participation of Nigerian stakeholders in international energy discussions are yielding positive results.
He also revealed that Nigeria is moving closer to a major refining milestone, with projections suggesting up to one million barrels per day in domestic refining capacity, a development expected to significantly reduce import dependence and strengthen energy security.
The 2025/2026 oil licensing round is expected to play a key role in shaping Nigeria’s upstream oil production outlook, attracting fresh capital inflows and strengthening local participation in the sector.
