The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the 2025 Licensing Round effective December 1, 2025, as the country’s crude production reaches impressive new heights with peak daily output hitting 1.83 million barrels per day.
NUPRC chief executive Gbenga Komolafe revealed the licensing round has been designed in line with the Petroleum Industry Act, emphasizing the regulator’s commitment to bringing all stakeholders together to overcome what he identified as the biggest challenge facing Nigeria’s upstream sector: funding. Speaking before CEOs of oil companies, bank representatives and potential investors, Komolafe highlighted the urgency of overcoming financing obstacles to achieve the nation’s ambitious production targets.
The announcement comes as Nigeria celebrates significant progress in its upstream sector, with crude production now averaging 1.71 million barrels per day. Komolafe noted that 46 field development plans had been approved from January 2025 to date, and the country’s rig count has crossed 60, with at least 40 currently active. These metrics, he said, speak for themselves when it comes to prospects for investments.
Looking ahead, Komolafe outlined the infrastructure requirements needed to reach and sustain one million barrels per day in incremental capacity and beyond. The drive will require Floating Production Storage and Offloading units for cluster developments, Floating Storage and Offloading 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.
Alhassan Ado Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), and Senator Eteng Williams assured investors of Nigeria’s business-friendly laws, as key oil and gas players including Seplat CEO Roger Brown, TotalEnergies Nigeria managing director Mattieu Bouyer, ExxonMobil Nigeria managing director Jagir Baxi, and AA Holdings chairman Austin Avuru participated in the discussions.
Source: oilreviewafrica.com