Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC) took steps to boost investment in the oil and gas industry by announcing that the 2025 licensing round will begin on December 1, 2025.
The NUPRC’s Commission Chief Executive (CCE), Gbenga Komolafe, made the announcement during the ‘Project 1MMBOPD’ Additional Production Investment Forum in London, UK, according to a statement by the commission’s Head of Media and Strategic Communication, Eniola Akinkuotu.
The new bid round is intended not only to attract fresh investment to the upstream sector but also to enhance government revenue, reshape the composition of sector players amid ongoing foreign divestments, and strengthen the implementation of the Petroleum Industry Act (PIA).
Furthermore, a transparent bidding process will serve as a test of whether the regulatory framework under the Petroleum Industry Act can function as intended, potentially boosting investor confidence in the sector if properly managed.
At the forum, Komolafe noted that the announcement aligns with the PIA and follows the approval of President Bola Tinubu, who also serves as Nigeria’s Minister of Petroleum Resources.
He stated: “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.”
The forum, which was attended by CEOs of oil companies, bank representatives, and potential investors, featured Komolafe emphasizing that funding remains the largest challenge in Nigeria’s upstream sector, and the commission, as a business enabler, plans to address this by connecting interested parties.
He explained that the event was designed to bring all stakeholders together to make the additional one million barrels a reality, saying, “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,” and added, “We want you all to network. Bank of America is here as well as representatives of other banks.”
Komolafe highlighted that reforms initiated by the Tinubu-led administration have improved Nigeria’s economic indicators, noting that crude oil production now averages 1.71 million barrels per day, with a peak output of 1.83 million bpd, demonstrating tangible progress.
He stated that 46 Field Development Plans (FDPs) have been approved from January 2025 to date, reflecting immediate investment commitments and production growth potential, and mentioned that the rig count has risen to over 60, with at least 40 currently active. He emphasized that this is an opportune moment for existing investors to expand their stakes in Nigeria.
He added: “The drive to reach and sustain 1 million barrels per day in incremental capacity and beyond will require Floating Production, Storage and Offloading (FPSO) units for cluster developments; Floating Storage and Offloading (FSO) vessels for crude evacuation and storage; and a variety of Modular Offshore Production Units and Early Production Facilities to enable early production and accelerated monetisation. All these need investments and the prospects are here in Nigeria.”
Speaking at the forum, the Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Alhassan Doguwa, assured investors that his committee would not advance any legislation that could undermine investments, adding that the Petroleum Industry Act, 2021, would not be arbitrarily altered.
He said, “The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments.”
His Senate counterpart, Senator Eteng Williams, also reassured investors that Nigeria’s legislature would continue to pass business-friendly laws and urged them to remain confident, while praising Komolafe as a business enabler.
In his remarks, the Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Adeyemi-Bero, emphasized that the petroleum industry is central to President Tinubu’s goal of transforming Nigeria into a $1 trillion economy.
He encouraged investors to seize the opportunities presented by the Project 1 Million Barrels Per Day Forum.
The two-day event brought together key sector players, including Seplat CEO Mr. Roger Brown, TotalEnergies Nigeria Managing Director Mattieu Bouyer, ExxonMobil Nigeria Managing Director Jagir Baxi, AA Holdings Chairman Austin Avuru, NUPRC executive commissioners, investment firm representatives, and numerous others.
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