The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday announced the commencement of the 2025 licensing round for Nigeria’s oil and gas sector, aimed at attracting fresh investment, strengthening production capacity, and enhancing government revenue.
The announcement was made by Gbenga Komolafe, the Commission’s Chief Executive Officer, at the Project 1 Million Barrels Per Day (1MMBOPD) Additional Production Investment Forum in London.
According to a statement by the Head of Media and Strategic Communication at NUPRC, Eniola Akinkuotu, the 2025 licensing round, starting December 1, 2025, is expected to reshape the sector amid ongoing divestments by foreign oil companies.
”It will also serve as a test of the Petroleum Industry Act (PIA) regulatory framework, providing a transparent platform for investment while boosting confidence in Nigeria’s upstream sector, ” he added.
Speaking at the forum, Komolafe noted that the licensing round received the approval of President Bola Tinubu, who also served as Nigeria’s Minister of Petroleum Resources.
“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,” he said.
Highlighting the sector’s funding challenges, Komolafe emphasized that the forum was designed to connect investors, oil companies, and financial institutions, including representatives from Bank of America and other global banks.
“One of the factors that affected business is that activities were happening in silos.
”The NUPRC now realises the need to bring everyone together,” he added.
Komolafe also provided an update on Nigeria’s production metrics under the Tinubu administration, noting that crude oil output now averages 1.71 million barrels per day, with a peak daily production of 1.83 million bpd.
He pointed to the approval of 46 Field Development Plans (FDPs) since January 2025 and an increase in rig count to over 60, with at least 40 actively engaged.
“The drive to reach and sustain an additional one million barrels per day will require investments in Floating Production, Storage and Offloading (FPSO) units, Floating Storage and Offloading (FSO) vessels, as well as Modular Offshore Production Units and early production facilities,” Komolafe said.
He added that Nigeria offered significant investment prospects for both new and existing players.
Lawmakers at the forum also assured investors of a stable regulatory environment.
Hon. Alhassan Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), pledged that the House would not support any arbitrary changes to the PIA, while Senator Eteng Williams, his counterpart in the Senate, reiterated that Nigeria’s legislature would continue to pass business-friendly laws to encourage investment.
OPEC Board Chairman Ademola Adeyemi-Bero underscored the strategic importance of the petroleum industry in President Tinubu’s plan to elevate Nigeria to a $1 trillion economy and called on investors to seize the opportunities highlighted at the forum.
The two-day Project 1MMBOPD forum brought together key sector stakeholders, including CEOs and executives from Seplat, TotalEnergies Nigeria, ExxonMobil Nigeria, AA Holdings, and other international investment firms, reflecting the government’s commitment to facilitating collaboration and growth in the upstream sector.
