The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially unveiled the 2025 Licensing Round, set to kick off on December 1, 2025, as part of a broader strategy to attract investment and ramp up crude oil output.
The announcement came from NUPRC Chief Executive Engineer Gbenga Komolafe during the Project 1MMBOPD Additional Production Investment Forum in London on Tuesday, November 11, 2025. Speaking to an audience of oil executives, bankers, and investors, Komolafe emphasized the initiative’s alignment with the Petroleum Industry Act (PIA) and its endorsement by President Bola Ahmed Tinubu, who serves as Minister of Petroleum Resources.
“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,” Komolafe declared, according to a statement from Eniola Akinkuotu, Head of Media and Strategic Communication.
The forum, a two-day gathering aimed at bridging funding gaps in Nigeria’s upstream sector, highlighted persistent challenges like siloed operations and capital shortages. Komolafe positioned the NUPRC as a key enabler, facilitating connections among stakeholders—including Bank of America representatives—to drive the ambitious goal of adding one million barrels per day (MMBOPD) to national production.
“One of the factors that affected business is that activities were happening in silos, but the NUPRC now realizes the need to bring everyone together,” he noted. “We want you all to network.”
Komolafe touted recent gains under the Tinubu administration, including average daily crude production of 1.71 million barrels per day (BOPD)—with peaks reaching 1.83 MMBOPD—and the approval of 46 Field Development Plans (FDPs) since January 2025. Rig counts have also surged past 60, with at least 40 operational, signaling a ripe moment for deeper investments.
To achieve and sustain the 1MMBOPD target, the sector will require significant infrastructure, including Floating Production, Storage and Offloading (FPSO) units, Floating Storage and Offloading (FSO) vessels, Modular Offshore Production Units, and Early Production Facilities, Komolafe explained. “All these need investments, and the prospects are here in Nigeria.”
Legislative leaders echoed the pro-investment stance. House Committee on Petroleum Resources (Upstream) Chairman Hon. Alhassan Ado Doguwa assured attendees that the PIA would remain intact, with no arbitrary amendments to deter capital inflows. “The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” he stated.
His Senate counterpart, Senator Eteng Williams, reinforced the message, pledging continued passage of business-friendly legislation and praising Komolafe as an effective enabler.
OPEC Governing Board Chairman Mr. Ademola Adeyemi Bero underscored the petroleum sector’s pivotal role in Tinubu’s vision for a $1 trillion economy, urging investors to seize the opportunities presented by the forum.
The event drew top-tier participants, including Seplat CEO Roger Brown; TotalEnergies Nigeria Managing Director Matthieu Bouyer; ExxonMobil Nigeria Managing Director Jagir Baxi; AA Holdings Chairman Austin Avuru; NUPRC executive commissioners; and representatives from various investment firms.
