New Oil Billionaires Could Emerge as NUPRC Sets Date for 2025 Licensing Round

• NUPRC has confirmed plans to begin 2025 Oil Licensing Round on December 1, 2025, following presidential approval
• The move is expected to boost Nigeria's crude oil production which is currently averages around 1.71 million BPD
• At the event, lawmakers and OPEC board chair assure investors of policy stability in Nigeria

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to commence the 2025 Oil Licensing Round effective December 1, 2025.

The move aimed at boosting investment and crude production in Africa’s largest oil producer.

The Commission Chief Executive (CCE), Engineer Gbenga Komolafe, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum held in London on Tuesday, November 11, 2025.

According to a statement signed by the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the initiative aligns with the provisions of the Petroleum Industry Act (PIA) following the approval of President Bola Ahmed Tinubu, who also serves as Nigeria’s Minister of Petroleum Resources.

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Komolafe said.:

“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.”

Nigeria seeks foreign investors

The London forum, which brought together CEOs of major oil firms, representatives from leading banks, and potential investors, focused on addressing the funding constraints in Nigeria’s upstream oil sector.

Komolafe noted that the NUPRC was committed to connecting financiers and investors to accelerate progress toward the country’s one million barrels per day (bpd) additional production target.

Komolafe explained:

“One of the factors that affected business is that activities were happening in silos, but the NUPRC now realises the need to bring everyone together.

“We want you all to network. Bank of America is here, as well as representatives of other banks.”

The NUPRC boss also highlighted the positive impact of reforms introduced by the Tinubu administration, noting that Nigeria’s crude oil production now averages 1.71 million barrels of oil per day (BOPD), with a peak daily output of 1.83 million barrels.

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He further disclosed that 46 Field Development Plans (FDPs) had been approved between January and November 2025, representing new investment commitments and significant production growth potential, DailyTrust reports.

Komolafe added that Nigeria’s rig count has risen to over 60, with at least 40 rigs actively drilling, describing the period as the most opportune time for investors to expand their operations in the country’s upstream industry.

OPEC, lawmakers give support

Speaking at the event, the Chairman of the House Committee on Petroleum Resources (Upstream), Hon. Alhassan Ado Doguwa, assured investors of the National Assembly’s commitment to maintaining a stable legal environment.

Doguwa stated:

“The House of Representatives reaffirms its commitment to the Petroleum Industry Act and will resist any arbitrary changes that will undermine investments."

In his remarks, the Chairman of the Governing Board of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Adeyemi Bero, described Nigeria’s petroleum industry as pivotal to President Tinubu’s vision of transforming the nation into a $1 trillion economy.

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Earlier, Legit.ng reported that the National Bureau of Statistics has revealed that Nigeria earned more than N24.9 trillion from crude oil and petroleum gas exports in the first half of 2025.

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The amount is however lower than N28 trillion recorded in the same period of 2024.

In the first quarter(January to March) Nigeria sold N12.9 trillion worth of crude and N11.9 trillion in second quarter.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng