The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Tuesday moved to attract additional investment in the oil and gas sector, with the announcement of the commencement of the 2025 licensing round from December 1, 2025.
Commission Chief Executive (CCE) of the NUPRC, Gbenga Komolafe, made the announcement at the NUPRC’s ‘Project 1MMBOPD’ Additional Production Investment Forum in London, UK, a statement by the Head, Media and Strategic Communication of the commission, Eniola Akinkuotu, stated.
Apart from signalling new investment into the upstream sector, the new bid round is meant to improve government revenue, significantly shift the structure of players in the sector (as foreign oil companies continue divestment) and strengthen implementation of the Petroleum Industry Act (PIA).
Besides, a transparent bid round will test whether the new regulatory framework under the Petroleum Industry Act can operate as promised and if well managed can boost industry confidence in the sector.
At the event, Komolafe added that the announcement was in line with the (PIA) following the approval of President Bola Tinubu who doubles as the Minister of Petroleum Resources in Nigeria.
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.”
At the forum which was attended by chief executives of oil companies, bank representatives and potential investors, the NUPRC chief 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 to 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,” the CCE said, adding, “We want you all to network. Bank of America is here as well as representatives of other banks.”
Komolafe said the reforms initiated by the Tinubu-led administration had improved Nigeria’s economic metrics. He said crude oil production now averages 1.71 million barrels per day with a peak daily output of 1.83 million bpd, evidence of tangible progress.
The CCE said 46 Field Development Plans (FDPs) had been approved from January 2025 till date, representing immediate investment commitments and production growth potential, noting 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 1 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.”
Also speaking, the Chairman, House Committee on Petroleum Resources (Upstream), Hon, Alhassan Doguwa, promised investors that his committee would not push any legislation that would undermine investments. Doguwa added 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.
Besides, his counterpart in the Senate, Senator Eteng Williams, promised investors that Nigeria’s legislature will continue to pass business-friendly laws and urged investors not to fret. Enang commended Komolafe for being a business enabler.
In his remarks, the Chairman, Governing Board, Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Adeyemi-Bero, said the petroleum industry remains critical to Tinubu’s plan to transform Nigeria to a $1 trillion economy.
He therefore called on investors to key into the opportunity provided by the Project 1 million Barrels Per Day Forum.
The two-day event is being attended by key players in the sector including the CEO of Seplat, Mr. Roger Brown; the Managing Director, TotalEnergies Nigeria, Mattieu Bouyer; Managing Director of ExxonMobil Nigeria; Jagir Baxi; Chairman, AA Holdings, Austin Avuru; executive commissioners of the NUPRC, representatives of investment firms, among several others.
Emmanuel Addeh, Peter Uzoho
About the Author
