Encouraged by the growing investor confidence in the nation’s hydrocarbon resources industry and the success recorded in the 2024 oil bid round, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday announced the commencement of the 2025 Licensing Round effective December 1, 2025.
The initiatives aims to unlock the potential of undeveloped and fallow assets in the upstream sector of the industry, prioritize natural gas development, and sustainably boost Nigeria’s energy production in the years ahead.
Making this disclosure at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London, the commission’s Chief Executive, Engr. Gbenga Komolafe, said that the announcement aligned with the Petroleum Industry Act (PIA) 2021 and was sequel to the President Bola Tinubu’s approval of the exercise.
The NUPRC boss explained: “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
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Noting that funding remains the biggest challenge in Nigeria’s upstream sector and that the Commission is fully committed to address it by connecting interested parties, the industry expert said the forum was organized to connect all stakeholders in order make the additional one million barrels a reality.
He said: “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.”
Komolafe maintained the reforms initiated by the President Bola Tinubu-led administration had improved Nigeria’s economic metrics, with the nation’s crude production now averaging 1.71 million barrels per day (b/pd) with a peak daily output of 1.83m b/pd.
He recalled that 46 Field Development Plans (FDPs) had been approved from January 2025 till date, representing immediate investment commitments and production growth potential, while the rig count had incresed to over 60 out of which at least 40 are active, stressing that this is the best time for existing investors to deepen their stake in Nigeria.
He expatiated: “The drive to reach and sustain one 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.”
Earlier in his address, the Chairman, House Committee on Petroleum Resources (Upstream), Hon. Alhassan Ado Doguwa, promised investors that his Committee would not encourage any legislation that will undermine investments.
The lawmaker assured: “The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments.”
Similarly, the Chairman of the Senate Committee on Petroleum Resources (Upstream), Sen. Eteng Williams, who commended the NUPRC management on the reforms in the oil and gas industry, also promised investors that the National Assembly would continue to pass business-friendly laws to ensure improved investor confidence in the industry.
In his remarks, the Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Adeyemi Bero, said the petroleum industry remained critical to current drive by the government to transform Nigeria to a $1 trillion economy by 2030.
He advised local and foreign investors to explore the opportunity provided by the Project 1MMBOPD Forum for investment in view of the returns potential in the industry.
