The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday announced the commencement of the 2025 licensing round, effective 1 December.
In a statement on Tuesday, the NUPRC said its Chief Executive, Gbenga Komolafe, made the announcement at the commission project 1MMBOPD Additional Production Investment Forum in London.
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Mr Komolafe stated that the move was in line with the Petroleum Industry Act (PIA) following the approval of President Bola Tinubu who doubles as 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 1 December 2025,” Mr Komolafe said.
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A licensing round is a process by which the government grants oil and gas exploration and production rights to companies through a competitive bidding process.
The NUPRC boss said funding remained the biggest challenge in Nigeria’s upstream sector and the commission as a business enabler planned to tackle this by connecting interested parties.
“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 added.
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He noted that this was the best time for existing investors to deepen their stake in Nigeria, adding that the drive to reach and sustain one million barrels per day in incremental capacity and beyond will require 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. All these need investments and the prospects are here in Nigeria.”
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The Chairperson, House Committee on Petroleum Resources (Upstream), Alhassan Ado Doguwa, promised investors that the committee would not push any legislation that would undermine investments.
“The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” he said.
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