By Bassey Udo
The 2025 Oil Licensing Round will open effective December 1, 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Tuesday.
The Commission Chief Executive (CCE), Engineer Gbenga Komolafe, who disclosed this at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London at least 40 oil rigs are currently active as the country’s rig count climbs to 60.
The planned opening of the oil licensing round, Komolafe said, was in line with the provisions of the Petroleum Industry Act (PIA) 2021 following the approval of the Minister of Petroleum Resources, President Bola Ahmed Tinubu.
“We are announcing that we are ready to commence the 2025 oil licensing round beginning from December 1, 2025 in line with the Petroleum Industry Act (2021) following the approval of the Minister of Petroleum Resources,” the CCE said.
At the forum which was attended by Chief Executive Officers (CEOs) of international and indigenous oil companies, bank representatives and potential investors, the NUPRC boss said funding remained the biggest challenge today in Nigeria’s upstream sector even as the Commission, as a business enabler, planned to tackle it by connecting interested parties.
He said the investment Forum was put together to connect all stakeholders interested in participating in the development of the industry in order to realize the objective of the one million barrels production agenda.
“One of the factors that have affected business in the industry is that activities were happening in silos. But the NUPRC now realises the need to bring everyone together,” the CCE said, adding, “We want all prospective investors, including the Bank of America that is here as well as representatives of other banks, to network.”
Komolafe said the reforms initiated by the present administration had improved Nigeria’s economic metrics, adding that crude oil production now averages 1.71 million barrels per day, with a peak daily output of 1.83 million barrels per day, were tangible evidence of progress.
The CCE disclosed that 46 Field Development Plans (FDPs) received regulatory approvals from January 2025 till date, representing immediate investment commitments and production growth potentials.
Out of the country’s over 60 rig count, Komolafe at least 40 were currently active, adding that this was the best time for existing investors to deepen their stakes in Nigeria with the forthcoming oil licensing round.
“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,” he said.
Earlier, the Chairman, House Committee on Petroleum Resources (Upstream), Alhassan Ado Doguwa, promised prospective investors that his Committee would not push any legislation that would undermine investments.
Doguwa said the House of Representatives would resist any arbitrary changes to the PIA 2021 capable of undermining investments.
He said his counterpart in the Senate, Senator Eteng Williams, also promised investors that Nigeria’s legislature would continue to pass business-friendly laws, urging investors not to fret.
In his remarks, the Chairman, Governing Board, Organisation of Petroleum Exporting Countries (OPEC), Ademola Adeyemi Bero, called on investors to key into the opportunity provided by the Project 1MMBOPD Forum as the petroleum industry remained critical to President Tinubu’s plan to transform Nigeria to a $1 trillion economy.
The two-day event was attended by key players in the sector including the CEO, 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 and others.
