The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the 2025 licensing round, effective December 1.
NUPRC’s Chief Executive, Gbenga Komolafe, announced this at the commission’s ‘Project One Million Barrels Per Day (1MMBOPD) Additional Production Investment Forum’ in London on Tuesday.
Komolafe, in a statement by the commission’s spokesperson, Eniola Akinkuotu, explained that the announcement was in line with the Petroleum Industry Act (PIA) 2021.
He said the announcement followed the approval of President Bola Tinubu, who also serves as the petroleum resources minister.
“We are announcing that we are ready, following the approval of the minister of petroleum resources in line with the PIA, to commence the 2025 licensing round beginning from December 1, 2025,” said Komolafe.
At the forum, which was attended by chief executive officers of oil companies, bank representatives, and potential investors, he said funding remained the biggest challenge in Nigeria’s upstream sector.
According to him, the commission, as a business enabler, has planned to tackle the challenges by connecting interested parties. He said the event was organised to bring together all stakeholders and make the additional one million barrels a reality.
“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,” Komolafe said.
Komolafe said the reforms initiated by Tinubu’s administration had improved Nigeria’s economic metrics, with crude production now averaging 1.71 million barrels per day (mbpd) and a peak daily output of 1.83 million barrels per day (mbpd), evidence of tangible progress.
The NUPRC chief added that 46 Field Development Plans had been approved from January 2025 to date, representing immediate investment commitments and potential for production growth.
He said the rig count had grown to over 60, of which at least 40 were active. Komolafe further stated that this was the best time for existing investors to deepen their stake in Nigeria.
“The drive to reach and sustain one million barrels per day in incremental capacity and beyond will require floating production, storage, and offloading units for cluster developments.
“It will require floating storage and offloading 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,” the NUPRC boss added.
Speaking earlier, the chairman of the House Committee on Petroleum Resources (Upstream), Alhassan Doguwa, promised investors that his committee would not push any legislation that would undermine investments.
Doguwa, while saying that the Petroleum Industry Act, 2021, would not be tampered with arbitrarily, reaffirmed the House of Representatives’ commitment to resist any arbitrary changes that would undermine investments.
Senator Eteng Williams also promised investors that Nigeria’s legislature would continue to pass business-friendly laws and urged investors not to be afraid.
