Nigeria launches 2025 Oil licensing round, seeks investment to boost production

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially opened its 2025 oil licensing round, set to begin on December 1, 2025.

The announcement was made by NUPRC Chief Executive, Mr. Gbenga Komolafe, during the Project One Million Barrels Per Day (1MMBOPD) Additional Production Investment Forum held in London on Tuesday.

A statement confirming the launch was issued by NUPRC’s Head of Media and Strategic Communication, Eniola Akinkuotu.

“This comes following the approval of President Bola Tinubu, who also serves as the Minister of Petroleum Resources. We are announcing that we are ready, in line with the Petroleum Industry Act, to commence the 2025 licensing round starting from December 1, 2025,” Komolafe said.

The forum attracted CEOs of oil companies, banking executives, and potential investors. Speaking on key challenges in Nigeria’s upstream sector, Komolafe highlighted funding as a major constraint.

“Funding remains the biggest challenge in our upstream sector. 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,” he said. “We want you all to network. Bank of America is here, along with representatives of other banks.”

Komolafe also credited reforms by the Tinubu administration for improving Nigeria’s oil sector metrics. He said the country’s crude production now averages 1.71 million barrels per day, with peak output hitting 1.83 million barrels per day—signs of tangible progress.

The NUPRC chief further noted that 46 Field Development Plans had been approved since January 2025, signaling immediate investment opportunities and potential production growth. He added that the rig count had risen to more than 60, with at least 40 actively operating.

“This is the perfect time for existing investors to deepen their stake in Nigeria. The drive to reach and sustain one million barrels per day in incremental capacity and beyond will require Floating Production, Storage and Offloading units for cluster developments. It will also require Floating Storage and Offloading vessels for crude evacuation, as well as modular offshore production units and early production facilities to accelerate monetisation. All these opportunities exist here in Nigeria,” Komolafe said.

Earlier at the forum, the Chairman of the House Committee on Petroleum Resources (Upstream), Mr. Alhassan Doguwa, reassured investors that the committee would not pursue legislation that undermines investments. “The Petroleum Industry Act, 2021 will not be tampered with arbitrarily. The House remains committed to ensuring a stable investment environment,” he said.

Sen. Eteng Williams, his counterpart in the Senate, echoed the message, promising that Nigeria’s legislature would continue to enact investor-friendly laws and urged investors not to worry.