Sopuruchi Onwuka

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round, effective December 1, 2025, setting the stage for the award of new oil blocks expected to unlock fresh investments, enhance national revenue, and strengthen Nigeria’s position in the global energy market.

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The Commission Chief Executive (CCE), Engineer Gbenga Komolafe, made the announcement at the Project 1MMBOPD Additional Production Investment Forum held in London on Tuesday, November 11, 2025.

Komolafe said the exercise had received approval from President Bola Ahmed Tinubu, who also serves as the Minister of Petroleum Resources, and aligns with the objectives of the Petroleum Industry Act (PIA) to create a transparent and competitive upstream sector.

“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.

He explained that the licensing round was designed to open new investment frontiers, attract global capital, and drive exploration that would translate to increased oil and gas production, job creation, and higher government revenues.

The CCE noted that funding remains a key challenge in Nigeria’s upstream sector but assured investors that the Commission, acting as a business enabler, would bridge financing gaps by connecting operators, financiers, and key stakeholders.

“In the past, activities happened in silos, but we now see the need to bring everyone together. This forum provides a platform for networking between producers, financiers, and partners. We have the Bank of America and other financial institutions here,” he said.

Komolafe highlighted the results of ongoing reforms under President Tinubu’s administration, noting that Nigeria’s crude production now averages 1.71 million barrels per day (BOPD), peaking recently at 1.83 million BOPD, reflecting steady recovery in output.

He disclosed that the Commission had approved 46 Field Development Plans (FDPs) between January and November 2025, representing new investment inflows and growth potential for the sector. Nigeria’s rig count, he added, has risen to over 60, with more than 40 rigs currently active — a sign of renewed investor confidence.

“The drive to reach and sustain one million barrels per day in incremental capacity and beyond will require new Floating Production, Storage and Offloading (FPSO) units, FSOs, modular offshore production systems, and early production facilities. These all represent investment opportunities that the new licensing round will help deliver,” Komolafe said.

He described the 2025 Licensing Round as a strategic step to boost Nigeria’s oil reserves, stimulate exploration in frontier basins, and secure the funding needed to meet national production and revenue targets.

Speaking at the forum, Hon. Alhassan Ado Doguwa, Chairman, House Committee on Petroleum Resources (Upstream), assured investors of a stable policy environment and reaffirmed the National Assembly’s commitment to the PIA.

“The House of Representatives reaffirms its commitment to the Petroleum Industry Act and will resist any arbitrary changes that could undermine investments,” Doguwa said.

Senator Eteng Williams, his counterpart in the Senate, also pledged continued legislative support for policies that promote business growth in the oil and gas industry.

In his remarks, Mr. Ademola Adeyemi Bero, Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), commended the NUPRC’s investment drive and described the licensing round as a vital catalyst in President Tinubu’s plan to transform Nigeria into a $1 trillion economy.

The two-day forum drew participation from industry leaders, including Seplat CEO Roger Brown, TotalEnergies Nigeria Managing Director Mattieu Bouyer, ExxonMobil Nigeria Managing Director Jagir Baxi, AA Holdings Chairman Austin Avuru, and representatives of major investment firms and banks.