Nigeria is set to open its 2025 oil licensing round on December 1. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed the report and said the move is central to revitalizing investment and boosting national crude output.
NUPRC Chief Executive Gbenga Komolafe during the Project 1MMBOPD Additional Production Investment Forum held in London, explained that the new licensing cycle is being launched in full alignment with the Petroleum Industry Act (PIA) of 2021, following approval from President Bola Tinubu, who also serves as Minister of Petroleum Resources. According to him, the round is structured to restore investor confidence by strengthening regulatory clarity and promoting transparent upstream practices.
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Nigeria’s crude production
The 2025 exercise will include a mix of exploration blocks, undeveloped fields, and dormant assets, with a particular focus on natural gas opportunities. The government aims to raise national production by up to one million barrels per day, relying on fresh private capital and improved governance to unlock new output.
Nigeria’s crude production has been gradually recovering after years of decline. Output, which had dropped below 1.3 million barrels per day in 2022, has risen to an average of 1.71 million barrels per day in 2025, peaking at 1.83 million. Komolafe noted that the Commission has already approved 46 Field Development Plans this year indicating renewed upstream momentum and significant investor commitments.
He highlighted funding constraints as a key challenge for Nigeria’s upstream sector, stressing that the London forum was deliberately designed to connect operators, financiers, and potential partners. Banking institutions, including Bank of America, attended as part of efforts to close financing gaps and accelerate project delivery.
Komolafe added that Nigeria’s growing rig count now exceeding 60, with more than 40 active—shows strong operational revival. He emphasized that expanded production capacity will require FPSOs, FSOs, modular offshore systems, and early production facilities, presenting vast opportunities for investors ready to deepen their presence in the country.
