A veteran of the West African oil and gas business, Mr Blair reckons Eland is ideally placed to capitalise on moves by oil giants to off-load Nigerian assets, at a time when few rivals can match the company's knowledge of what is seen by some as a high risk country.
"There is a very large number of opportunities. It's a generational opportunity. International oil companies like Shell, Total, ENI are selling a huge portfolio. The competition is relatively small because a lot of companies believe the risk-reward ratio is just not there for them," he said.
Mr Blair said Aim-listed Eland was making good progress towards restarting production from the Opuama field in the Niger Delta, which Shell shut in 2006, citing militant activity. The oil and gas giant recently highlighted continuing security issues in Nigeria.
Asked about the situation in the country, Mr Blair said: "I think Nigeria has had its security challenges over the years and continues to do so."
But, maintaining the rewards were very high he said: "The greatest risk is to take no risk."
He added: " I operated there many years with Addax Petroleum very successfully, that's what we can do here."
Addax Petroleum increased production in Nigeria from 5000 barrels per day to 120,000 bopd during Mr Blair's 10 years running its operations in the country.
The Aberdeen University graduate said: "I like working there. We understand the subsurface, the surface, we understand the aspirations of the communities... and we can avoid making too many mistakes."
Mr Blair is confident Eland can develop a big business focused on Nigeria quite quickly.
Announcing interim results, Eland said it expected to restart production from two existing wells on the Opuama field next month.
With these expected to produce around 2500 bopd, Eland will start to generate significant amounts of cash.
Production was originally scheduled to start in the first half but Eland faced "contracting and procurement" issues, which Mr Blair said had been resolved.
He noted that Eland expected to be able to increase production relatively quickly by drilling additional wells. These could be linked to production facilities in the area.
Each development well is expected to add 3000 barrels production per day.
The company hopes to start drilling the first well in the final quarter of the year.
"We drill them and we hook them up in 24 hours," said Mr Blair. "This is not a situation where you drill a well and come back there years later."
Pre-tax losses widened to $11 million (£7m)in the six months to June, from $5.4m in the same period last year, reflecting increased pre-production activity.
Eland acquired an interest in the ML40 licence last September in a deal with Royal Dutch Shell, Total and Nigerian Agip worth $154m. The company raised £107m, net of expenses, in a share placing last September.
Meanwhile Aberdeen-based Faroe Petroleum said drilling had started on the Snilehorn exploration well in the Norwegian Sea. It has a 7.5% interest in the Statoil-operated well.