Nigeria’s ongoing 2025 oil and gas licensing round has drawn a staggering level of investor interest, with nearly 300 local and foreign companies competing for just 50 available oil blocks — a ratio that regulators say is a clear signal that investor confidence in Africa’s largest energy producer has returned with force after years of policy uncertainty and underinvestment.
Nigerian Upstream Petroleum Regulatory Commission Chief Executive Officer Oritsemeyiwa Eyesan revealed the remarkable figures, describing the level of competition as a testament to the transformative impact of the Petroleum Industry Act and the Tinubu administration’s sweeping reforms to the upstream regulatory environment. “We only have 50 assets, and we have almost 300 applicants for those 50 blocks. That tells you that the opportunities are there,” she said. Eyesan, who assumed office in December 2025, attributed the surge in interest to the PIA’s creation of clearer rules of engagement, a more competitive fiscal regime, and an administration that has responded dynamically to global benchmarking by continuously refining incentive structures to retain and attract investment.
She also pointed to the removal of fuel subsidies as a catalyst for both domestic gas uptake and the broader energy transition, noting a rapid expansion in the use of Compressed Natural Gas for mobility as Nigerians and businesses seek more affordable fuel alternatives. On climate commitments, she expressed confidence that Nigeria will meet its target of ending gas flaring by 2030 and achieving net-zero by 2060, citing the Nigeria Gas Flare Commercialisation Programme as the primary vehicle for eliminating wasteful flaring and converting the resource into economic value. Eyesan positioned Nigeria as Africa’s energy anchor and called on industry players to operate within the rules as the Commission simultaneously plays the role of business enabler and regulatory enforcer. “We have a listening ear. We’ve told the industry we will be an enabler for business. But at the same time, we will also ensure that the rules are adhered to,” she said.
Adding to the momentum, Petroleum Technology Association of Nigeria Chairman Wole Ogunsanya declared that Nigeria is on the verge of achieving one million barrels per day of active refining capacity — a landmark that would fundamentally reshape the country’s downstream economics. He said technology and partnerships are critical to scaling oil production to three million barrels per day within five years, driven by OPEC quota ambitions and the domestic refinery capacity now coming online. Ogunsanya acknowledged the scale of the challenge after more than 15 years of production stagnation below two million barrels per day, noting that aged infrastructure and obsolete equipment must be replaced with new technology to make higher output achievable, safer, and cost-competitive. He added that an additional 500,000 barrels per day of installed refining capacity currently sits idle, underscoring the scale of the opportunity and the urgency of expanding production to fill it.
Source: This Day Live