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From Adanna Nnamani, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2025 licensing round will commence on December 1, 2025.
The Commission Chief Executive (CCE), Engr. Gbenga Komolafe, disclosed this in a statement signed by his spokesperson, Mr. Eniola Akinkuotu.
According to the statement, Komolafe made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum held in London on Tuesday.
The CCE said the exercise was in line with the Petroleum Industry Act (PIA) and had received the approval of President Bola Ahmed Tinubu, who also serves as the Minister of Petroleum Resources. He explained that the Commission was fully prepared to begin the licensing round following the President’s approval, adding that the process would be conducted in accordance with the PIA.
Addressing chief executives of oil companies, bank representatives, and potential investors, Komolafe said inadequate funding remained the biggest challenge in Nigeria’s upstream sector. He noted that the Commission, as a business enabler, organised the London forum to connect financial institutions with operators in the oil and gas industry to help achieve the target of an additional one million barrels of oil per day.
The NUPRC boss explained that one of the factors that had hindered business activities was the lack of coordination among stakeholders, stressing that NUPRC now recognises the need to bring everyone together to strengthen industry collaboration.
“We are announcing that we are ready, following the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, to commence the 2025 licensing round beginning from December 1, 2025.
“One of the factors that affected business is that activities were happening in silos, but the NUPRC now realises the need to bring everyone together. We want you all to network. Bank of America is here as well as representatives of other banks,” he said.
Komolafe said the reforms introduced by the Tinubu administration were already yielding results, adding that Nigeria’s crude oil production now averages 1.71 million barrels per day, with a peak of 1.83 million barrels.
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He also revealed that 46 Field Development Plans (FDPs) had been approved since January 2025, representing immediate investment commitments and production growth potential.
According to him, the country’s rig count had risen to over 60, with at least 40 active rigs, describing this as the best time for investors to expand their stakes in Nigeria’s upstream sector.
He added that the drive to reach and sustain an additional one million barrels per day in production would require investment in Floating Production, Storage and Offloading (FPSO) units, Floating Storage and Offloading (FSO) vessels, Modular Offshore Production Units and Early Production Facilities.
Also speaking, Chairman, House Committee on Petroleum Resources (Upstream), Alhassan Doguwa, assured investors that the National Assembly would not introduce any legislation capable of discouraging investments in the oil and gas industry.
“The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” Doguwa stated.
In his remarks, Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Eteng Williams, pledged that the legislature would continue to enact business-friendly laws, while commending the NUPRC for promoting investor confidence and transparency in the sector.
Chairman, Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Bero, said the petroleum industry remained central to President Tinubu’s plan to grow Nigeria’s economy to $1 trillion, urging investors to take advantage of the opportunities provided by the Project 1MMBOPD Forum.
The two-day forum attracted key industry players including Seplat CEO, Mr. Roger Brown; Managing Director, TotalEnergies Nigeria, Mr. Mattieu Bouyer; Managing Director, ExxonMobil Nigeria, Mr. Jagir Baxi; Chairman, AA Holdings, Mr. Austin Avuru; NUPRC executive commissioners, investment firm representatives and other stakeholders.
