The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 licensing round effective December 1, 2025.
Gbenga Komolafe, Commission Chief Executive (CCE) of the NUPRC, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London on Tuesday.
Komolafe in statement issued to journalists on Tuesday, explained that the announcement, was in line with the Petroleum Industry Act, and follows the approval of President Bola Ahmed Tinubu who doubles as the 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,” the CCE said.
At the forum which was attended by CEOs of oil companies, bank representatives and potential investors, the NUPRC boss said funding remained the biggest challenge in Nigeria’s upstream sector and the Commission as a business enabler planned to tackle this by connecting interested parties.
He therefore stated that the event was put together to connect all stakeholders in order 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. We want you all to network. Bank of America is here as well as representatives of other banks.”
Komolafe also announced that the reforms initiated by the President Bola Ahmed Tinubu-led administration had improved Nigeria’s economic metrics, with crude production now averaging 1.71 million BOPD and a peak daily output of 1.83 MMBOPD.
The CCE said 46 Field Development Plans (FDPs) had been approved from January 2025 till date, representing immediate investment commitments and production growth potential.
Komolafe noted that the rig count had grown to over 60 out of which at least 40 are active. He therefore stated that this was the best time for existing investors to deepen their stake in Nigeria.
He added, “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.”
In his remarks, Ademola Adeyemi Bero, Chairman, Governing Board, Organisation of Petroleum Exporting Countries (OPEC), called on investors to key into the opportunity provided by the Project 1MMBOPD Forum.
Read also: Local operators now accounts for over 30% of Nigeria’s oil production – NUPRC
For him, the petroleum industry remains critical to President Tinubu’s plan to transform Nigeria to a $1 trillion economy.
Also speaking at the event, Alhassan Ado Doguwa, Chairman, House Committee on Petroleum Resources (Upstream), stated that his Committee would not push any legislation that will undermine investments.
Doguwa said the Petroleum Industry Act, 2021 would not be tampered with arbitrarily. “The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” he said.
His counterpart in the Senate, Senator Eteng Williams, also promised investors that Nigeria’s legislature will continue to pass business-friendly laws and urged investors not to fret.
