The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round, effective December 1, 2025, in line with the Petroleum Industry Act (PIA) and the approval of President Bola Tinubu.
Engr. Gbenga Komolafe, Chief Executive of NUPRC, disclosed this on Tuesday at the Project 1mmbopd Additional Production Investment Forum in London, attended by oil executives, financiers, and prospective investors.
He said the licensing round aligns with the Federal Government’s goal to attract investment, boost crude production, and achieve an additional one million barrels of oil per day (1mmbopd).
“One of the challenges in the upstream sector was fragmented activities. This forum brings operators, financiers, and service providers together to network and close funding gaps,” Komolafe stated.
Highlighting recent reforms, Komolafe noted Nigeria’s crude oil production now averages 1.71 million barrels per day, peaking at 1.83 million bopd. He also revealed that 46 Field Development Plans (FDPs) were approved between January and November 2025, reflecting new investment commitments.
“To sustain the 1mmbopd incremental capacity, major investments in FPSOs, FSOs, modular offshore production facilities, and early production units are required,” he added.
At the event, Hon. Alhassan Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), assured investors that the National Assembly would uphold the PIA and resist legislation that could undermine investor confidence. Senator Eteng Williams, Chairman of the Senate Committee on Upstream, also reaffirmed the legislature’s commitment to a stable, business-friendly policy environment.
Chairman of OPEC’s Governing Board, Mr. Ademola Bero, commended the initiative, noting the sector’s centrality to President Tinubu’s vision of a $1 trillion economy.
The two-day forum drew industry leaders, including CEOs of Seplat, TotalEnergies Nigeria, ExxonMobil Nigeria, and representatives of global investment firms, highlighting the immense opportunities offered by Project 1mmbopd.
