The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2025 Licensing Round will commence on December 1, 2025, calling on investors to take advantage of opportunities in the country’s oil and gas sector made possible by the reforms of the current administration.
NUPRC Chief Executive, Engineer Gbenga Komolafe, made the announcement at the Commission’s Project One Million Barrels of Oil per Day (1MMBOPD) Additional Production Investment Forum in London on Tuesday, November 11, 2025.
Komolafe said the move was in line with the Petroleum Industry Act, following the approval of President Bola Ahmed Tinubu, who is also the Minister of Petroleum Resources.
“We are announcing that 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 stated at the forum, which was attended by CEOs of oil companies, bank representatives, and potential investors.
While noting that funding had remained the biggest challenge in Nigeria’s upstream sector, the NUPRC boss assured that the Commission, as a business enabler, planned to tackle it by connecting interested parties.
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He emphasised that the event was organised to connect all stakeholders in order to make the additional one million barrels a reality.
“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,” the CCE said, adding, “We want you all to network. Bank of America is here as well as representatives of other banks.”
Komolafe stated that the reforms implemented by President Bola Ahmed Tinubu’s administration have improved Nigeria’s economic indices.
According to him, crude production now averages 1.71 million BOPD, with a high daily output of 1.83 MMBOPD, indicating genuine development.
The NUPRC boss stated that from January 2025 to date, 46 Field Development Plans (FDPs) had been approved, reflecting immediate investment commitments and production expansion opportunities.
Speaking further on the outcomes of the reforms in the oil and gas industry, Komolate revealed that the rig count had risen to over 60, with at least 40 currently active. He remarked that now was the greatest moment for existing investors to increase their interest in Nigeria.
On the drive to achieve the one million barrels per day initiative, Komolafe said it will require investing in the acquisition of “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.”
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He said these need robust investments, expressing confidence that “the prospects are here in Nigeria.”
Earlier in his opening remarks, Mr Ademola Adeyemi Bero, Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), stated that the petroleum industry remained important to President Tinubu’s aim to develop Nigeria into a $1 trillion economy.
While expressing the possibility of achieving the target, Bero said the oil and gas industry has a key role to play. “To achieve a one-trillion-dollar economy, the economy needs to grow at somewhere between eight and ten per cent,” he stated, adding that the current contribution of the upstream to the GDP is not yet significant, hence the need to scale up investment in the entire value chain to maximise contribution.
He urged investors to seize the opportunity given by the Project 1MMBOPD Forum.
The event is part of continuing reforms aimed at increasing Nigeria’s oil output to one million barrels per day in the short to medium term.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
