Oritsemeyiwa Eyesan, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted robust interest in Nigeria’s upstream sector, with nearly 300 local and international firms vying for 50 oil blocks. She stated this at the Offshore Technology Conference (OTC) 2026 in Houston, while crediting the Petroleum Industry Act (PIA), President Tinubu’s reforms, and a competitive regulatory framework for restoring investor trust, noting that recent global benchmarks prompted further incentives to sustain appeal.
Eyesan, who took office in December 2025, emphasized NUPRC’s role as both business facilitator and rule enforcer. She pointed to fuel subsidy removal as fueling energy shifts like CNG adoption for transport, and affirmed Nigeria’s path to ending gas flaring by 2030 and net-zero emissions by 2060 via initiatives like gas flare commercialization. She positioned Nigeria as Africa’s energy leader.
Push for Refining and Production Growth
PETAN Chairman Wole Ogunsanya announced Nigeria nearing 1 million barrels per day (bpd) in active refining capacity—distinct from installed capacity—while stressing technology and partnerships to elevate oil output to 3 million bpd within five years. This supports OPEC quotas and emerging domestic refineries, with another 500,000 bpd of capacity currently idle.
Ogunsanya acknowledged production hurdles after 15 years below 2 million bpd, requiring new equipment, advanced tech for safer, cheaper exploration, and replacement of obsolete gear.
Key Attendees
Prominent figures included Chevron Nigeria MD Jim Swartz, NNPC CFO Adedapo Segun, IPPG Chairman Adegbite Falade, Lee Engineering Chairman Leemon Ikpea, Aradel Holdings Chairman Osten Olorunsola, and NCDMB’s Austin Uzoka.
