Nigeria Opens 2025 Oil-Licensing Round to Lure Fresh Investment

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that its 2025 upstream oil-licensing round will begin on December 1, in a push to attract new investment and accelerate national production.

Unveiled at the “Project 1 MMBOPD Additional Production Investment Forum” in London by NUPRC’s Chief Executive, Gbenga Komolafe, the move aligns with the reform-aimed Petroleum Industry Act, 2021 (PIA) and seeks to boost government revenues while reshaping the upstream sector as international oil firms scale back.

Komolafe said funding remains the largest hurdle for upstream oil operations. He emphasised the regulator’s new role as a business facilitator, bringing stakeholders together to enable the targeted additional million barrels per day incremental capacity. “We are ready … to commence the 2025 licensing round beginning from December 1, 2025,” he declared.

According to the NUPRC boss, Nigeria’s crude-oil production now averages about 1.71 million barrels per day, peaking at 1.83 million barrels per day. Since January, 46 Field Development Plans (FDPs) have been approved, with over 60 rigs in place—around 40 of which are operational. This, he said, makes now an opportune moment for investors to deepen their involvement in the country’s oil sector.

At the forum, legislators also pledged support for the industry’s stability. Alhassan Doguwa, Chairman of the House Committee on Petroleum Resources (Upstream), reassured investors that there will be no arbitrary amendment of the PIA. His Senate counterpart, Eteng Williams, echoed the commitment to enacting business-friendly regulation.

Meanwhile, Organization of the Petroleum Exporting Countries (OPEC) board chairman Ademola Adeyemi‑Bero described the petroleum industry as central to the national plan for transitioning to a US$1-trillion economy and encouraged investors to seize the emerging opportunities.

With foreign players retreating and the regulatory framework still under scrutiny, the 2025 licensing round could serve as a litmus test for the PIA’s credibility and Nigeria’s attractiveness as an upstream investment destination.