Oil Production: NUPRC To Begin 2025 Licensing Round From December 1.

The decision to flag up the licensing rounds is in line with President Bola Tinubu’s plan to grow Nigeria to a $1 trillion economy.

A graphic illustration of barrels of crude oil

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced its intention to commence the 2025 licensing round beginning from December 1, 2025, in a bid to boost crude oil production in the country.

This was revealed by the Commission’s Chief Executive Officer, Engr. Gbenga Komolafe, on Monday at the ‘Project 1 Million Barrels Oil Per Day’ Investment Forum in London.

According to him, the decision to flag up the licensing rounds is in line with President Bola Tinubu’s plan to grow Nigeria to a $1 trillion economy.

“We are announcing that we are ready under the approval of the Minister of Petroleum Resources in line with the PIA commence the 2025 licensing round beginning from December 1, 2025,” NUPRC tweeted via its official X handle.

The development followed an announcement by the Presidency on Monday that it was considering a restructure of asset ownership in the Nigerian National Petroleum Company Limited to increase dwindling crude oil production.

The Special Adviser to the President on Energy, Olu Verheijen, at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, stressed that achieving the 3-million-barrel daily oil production goal required performance-based stewardship, even as she questioned NNPC’s capacity to deliver incremental growth.

Crude oil production has hovered around 1.3- 1.5 million barrels per day in the last two years, according to data from the Organization of the Petroleum Exporting Countries (OPEC).

Komolafe, yesterday, at the NAPE conference, said that the 43 Field Development Plans (FDPs) recorded this year could unlock 1.7 billion barrels of crude and 7.7 trillion cubic feet of gas.

The CCE, who spoke on the theme: “Revitalising the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development,” said the development depicts significant progress in Nigeria’s upstream sector.

“In 2025 alone, 43 new Field Development Plans (FDPs) were approved, unlocking 1.7 billion barrels of oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in committed capital,” he stated.

Komolafe added that major Final Investment Decisions(FIDs), including the $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project, are unlocking nearly 2 trillion standard cubic feet of gas.