Commission targets higher crude output as Tinubu’s $1 trillion economy plan drives upstream reforms
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to kick off the 2025 oil licensing round on December 1, 2025, as part of ongoing efforts to ramp up crude oil production and attract fresh investment into the country’s petroleum sector.
The Commission’s Chief Executive Officer, Engr. Gbenga Komolafe, disclosed this on Monday at the “Project 1 Million Barrels Oil Per Day” Investment Forum held in London.
Komolafe explained that the upcoming licensing round aligns with President Bola Tinubu’s economic agenda to grow Nigeria into a $1 trillion economy, emphasizing that the exercise has received the necessary approval from the Minister of Petroleum Resources in line with the Petroleum Industry Act (PIA).
“We are announcing that we are ready, under the approval of the Minister of Petroleum Resources in line with the PIA, to commence the 2025 licensing round beginning from December 1, 2025,” the NUPRC stated via its official X (formerly Twitter) handle.
The announcement follows a statement from the Presidency on Monday indicating plans to restructure asset ownership within the Nigerian National Petroleum Company Limited (NNPCL) in a bid to reverse declining oil output and improve efficiency.
At the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, Olu Verheijen, Special Adviser to the President on Energy, underscored the need for performance-based management in achieving the administration’s target of producing three million barrels of oil per day. She also questioned NNPCL’s capacity to deliver consistent production growth under the current structure.
Nigeria’s crude oil production has hovered between 1.3 and 1.5 million barrels per day over the past two years, according to figures from the Organization of the Petroleum Exporting Countries (OPEC).
Speaking at the same conference, Komolafe noted that the Commission approved 43 new Field Development Plans (FDPs) in 2025 alone, a development he said could unlock 1.7 billion barrels of crude oil and 7.7 trillion cubic feet of gas, backed by more than $20 billion in committed capital investment.
He added that several major Final Investment Decisions (FIDs) have also been reached, including:
- $5 billion for the Bonga North Project
- $500 million for the Ubeta Gas Project
- $2 billion for Shell’s HI Gas Project
According to Komolafe, these projects collectively have the potential to unlock nearly 2 trillion standard cubic feet of gas, marking significant progress toward revitalizing Nigeria’s upstream oil and gas sector.
Delivering a presentation themed “Revitalising the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development,” the NUPRC boss said the progress reflects growing investor confidence and underscores Nigeria’s commitment to sustainable energy development.
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