The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round effective December 1, 2025.

The Commission Chief Executive (CCE) of the NUPRC, Engineer Gbenga Komolafe, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London on Tuesday.

According to Komolafe, the announcement was in line with the Petroleum Industry Act, following the approval of President Bola 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,” he said.

Speaking at the forum comprising CEOs of oil companies, bank representatives and investors, Komolafe said that funding remained the biggest challenge in Nigeria’s upstream sector and that the Commission as a business enabler, planned to tackle this by connecting interested parties.

He said the event was put 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,” the commission chief executive said.

He said the reforms initiated by the President Tinubu-led administration had improved Nigeria’s economic metrics, pointing out that crude production now averages 1.71 million BOPD with a peak daily output of 1.83 MMBOPD, evidence of tangible progress.

Komolafe said that 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.

Encouraging existing investors, he said that this was the best time for them to deepen their stake in Nigeria.

He said, “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.”

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