…Moves to tackle funding gaps in upstream sector
Mkpoikana Udoma
Port Harcourt — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has announced that the 2025 Licensing Round will officially commence on December 1, 2025, marking a major push to unlock new investments into Nigeria’s upstream oil sector.
The Commission Chief Executive, Engr. Gbenga Komolafe, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London, attended by CEOs of oil companies, financiers, and prospective investors.
Komolafe said the decision followed the approval of President Bola Ahmed Tinubu, who also serves as the Minister of Petroleum Resources, in line with the provisions of the Petroleum Industry Act, PIA.
“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,” he declared.
The NUPRC boss stressed that funding remained the most significant constraint facing Nigeria’s upstream industry, adding that the Commission was shifting its strategy to foster greater collaboration between operators and financiers.
According to him, the London investment forum was convened specifically to bridge the funding gap and fast-track Nigeria’s ambition of adding an extra one million barrels of oil per day to national production.
“One of the factors that affected business is that activities were happening in silos,” he said. “But the NUPRC now realises the need to bring everyone together.”
Komolafe urged stakeholders to use the platform to form partnerships and align investment interests toward Nigeria’s production growth targets.
“We want you all to network. Bank of America is here as well as representatives of other banks,” he added.
The 2025 Licensing Round is expected to attract both local and international investors seeking new exploration opportunities under Nigeria’s reformed regulatory and fiscal framework.
This article was originally posted at sweetcrudereports.com
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