The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the start of the 2025 Licensing Round, effective Dec. 1, 2025, following approval from President Bola Tinubu, who also serves as Minister of Petroleum Resources.
NUPRC Chief Executive, Gbenga Komolafe, made the announcement at the Project One Million Barrels Per Day (1MMBOPD) Additional Production Investment Forum in London, attended by CEOs of oil companies, banks, and potential investors.
Komolafe highlighted that funding remains the biggest challenge in the upstream sector and said the commission is facilitating collaboration among stakeholders to achieve an additional one million barrels per day. He noted that current crude production averages 1.71mbpd, peaking at 1.83mbpd, and 46 Field Development Plans have been approved in 2025.
He called on investors to take advantage of opportunities in Floating Production and Storage Units, Modular Offshore Production Units, and Early Production Facilities to accelerate production and monetisation.
Lawmakers, including House Committee Chairman Alhassan Doguwa and Sen. Eteng Williams, reassured investors that the Petroleum Industry Act, 2021, will remain intact and that the legislature will continue to pass business-friendly laws to support growth and protect investments.
