Nigeria To Launch 2025 Oil And Gas Licensing Round On December 1

Africa’s largest oil producer, Nigeria, has set December 1 for its 2025 Licensing Bid Round, with high expectations of attracting more international oil companies to help achieve its production target of 2.75 million barrels per day beyond 2026.

Nigeria’s current oil production averages between 1.7 million and 1.83 million barrels per day, and the government expects to increase output by an additional 1 million barrels by the end of 2026.

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced this at the Commission’s Project 1MMBOPD Additional Production Investment Forum in London on Tuesday.

“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 December 1, 2025,” he said.

The 2025 Licensing Round aims to unlock Nigeria’s undeveloped and fallow oil and gas fields, with particular focus on gas assets. According to Komolafe, the initiative seeks to accelerate upstream production and bring previously discovered but unexploited fields into commercial operation.

Licensing rounds have been a key feature of Nigeria’s upstream sector for decades. Major rounds were conducted in 2000, 2005, and 2007, while the 2010s featured smaller, targeted rounds for marginal fields and deepwater assets. These exercises were designed to attract investors and stimulate production, although some blocks awarded in earlier rounds stalled due to technical, financial, or regulatory challenges.

The NUPRC is expected to publish detailed guidelines — including the list of blocks on offer, pre-qualification requirements, and submission timelines — ahead of the licensing round to ensure transparency and clarity for all prospective investors.

At the forum, which was attended by CEOs of oil companies, bank representatives, and potential investors, Komolafe noted that funding remains the biggest challenge in Nigeria’s upstream sector. He explained that the Commission, as a business enabler, plans to address this by connecting interested parties.

He said the event was organized to bring together all stakeholders to help make the additional one million barrels per day target a reality.

“One of the factors that affected business was that activities were happening in silos, but the NUPRC now realizes the need to bring everyone together,” the CCE said, adding, “We want you all to network. Bank of America is here, as well as representatives of other banks.”

Komolafe stated that the reforms initiated by the President Bola Ahmed Tinubu-led administration have improved Nigeria’s economic metrics. He noted that crude production now averages 1.71 million barrels of oil per day (BOPD), with peak daily output reaching 1.83 million barrels of oil per day (MMBOPD) — evidence of tangible progress.

He disclosed that 46 Field Development Plans had been approved from January 2025 to date, representing immediate investment commitments and production growth potential. The NUPRC boss also noted that the rig count has grown to over 60, with at least 40 rigs currently active.

Komolafe said this was the best time for existing investors to deepen their participation in Nigeria’s oil and gas sector.

“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 monetization. All these need investments — and the prospects are here in Nigeria,” he added