In line with the Petroleum Industry Act (PIA) and the approval of President Bola Tinubu, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round, effective December 1, 2025.
The Commission Chief Executive (CCE) of the NUPRC, Engr. Gbenga Komolafe, disclosed this on Tuesday at the NUPRC’s Project 1mmbopd additional production investment Forum in London, which was attended by top executives of oil companies, representatives of financial institutions, and prospective investors.
He said: “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.
Komolafe in a statement signed by
Head, Media and Strategic Communication at the NUPRC, Eniola Akinkuotu on Tuesday, noted that the announcement aligns with the Federal Government’s renewed efforts to attract investment into the oil and gas sector, boost crude oil production, and realise the national target of an additional one million barrels of oil per day.
According to him, the forum was convened to bridge funding gaps in the upstream sector by connecting oil operators, financiers, and service providers.
“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,” the CCE stated.
Komolafe highlighted that reforms introduced by the Tinubu administration have started yielding results, noting that Nigeria’s crude oil production now averages 1.71 million barrels per day bopd with a peak daily output of 1.83 million barrels (1mmbopd).
He revealed that 46 Field Development Plans (FDPs) had been approved between January and November 2025, signifying new investment commitments and future production growth.
“The rig count has grown to over 60, with at least 40 currently active. This is the best time for existing investors to deepen their stake in Nigeria,” he added.
To achieve and sustain the 1 mmbopd incremental capacity, Komolafe said the sector would require major investments in Floating Production, Storage and Offloading (FPSO) units, Floating Storage and Offloading (FSO) vessels, modular offshore production facilities, and early production units.
Speaking at the event, Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Alhassan Doguwa, assured investors that the National Assembly would not introduce any legislation that could undermine investor confidence.
“The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” Doguwa stated.
Similarly, Chairman of the Senate Committee on Upstream, Senator Eteng Williams, reaffirmed the legislature’s resolve to sustain a stable and business-friendly policy environment, commending the NUPRC for its investor-driven reforms.
Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Bero, also lauded the initiative, stressing that the petroleum sector remains central to President Tinubu’s vision of transforming Nigeria into a $1 trillion economy.
“The opportunities presented by Project 1 mmbopd are enormous, and I urge investors to key into them,” Bero said.
The two-day forum attracted major industry players including the CEO of Seplat, Mr. Roger Brown; Managing Director of TotalEnergies Nigeria, Mr. Mattieu Bouyer; Managing Director of ExxonMobil Nigeria, Mr. Jagir Baxi; Chairman of AA Holdings, Mr. Austin Avuru; as well as executive commissioners of the NUPRC and representatives of global investment firms.
