There are high expectations in the upstream sector of the oil and gas industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the commencement of the 2025 Licensing Round effective December 1, 2025.
The Commission Chief Executive (CCE) of the NUPRC, Gbenga Komolafe, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London on Tuesday, November 11, 2025.
Komolafe added that the announcement was in line with the Petroleum Industry Act following the approval of President Bola Ahmed 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 December 1, 2025,” the CCE said.
At the forum which was attended by CEOs of oil companies, bank representatives and potential investors, 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.
He said crude production now averages 1.71 million BOPD with a peak daily output of 1.83 MMBOPD, evidence of tangible progress.
