NIGERIA’S push to raise crude oil output by an additional one million barrels per day (bpd) gained significant momentum in London recently, as leading international oil companies and indigenous service providers pledged support for the national production target.
The commitment was made at the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) “Project 1MMBOPD Additional Production Investment Forum,” a two-day event convened to attract new investment and open up new financing pathways for the upstream sector.
The meeting drew senior executives from Shell, TotalEnergies, ExxonMobil and key members of the Petroleum Technology Association of Nigeria (PETAN), alongside regulators and global investors.
NUPRC’s Chief Executive, Gbenga Komolafe, used the platform to announce that the 2025 Oil Licensing Round will open on December 1, 2025, describing it as a deliberate effort to unlock undeveloped and fallow fields.
He said the forum was structured to provide investors with direct access to decision-makers, showcase bankable opportunities, and reinforce the Commission’s objectives of transparency and efficiency.
Government representatives assured participants that the administration remains committed to removing bottlenecks that hinder the sector while safeguarding the stability provided by the Petroleum Industry Act (PIA).
They emphasised that the law will not be subject to arbitrary alterations, insisting that policy consistency is crucial to restoring investor confidence.
The Commission also disclosed that recent interventions have helped lift national crude oil output to about 1.7 million barrels per day, up from 1.1 million barrels per day recorded in 2022, signalling a gradual recovery across the upstream segment.
The forum was attended by prominent industry figures, including the PETAN Chairman and Chief Executive Officer (CEO) of Geoplex Drillteq Ltd, Wole Ogunsanya; the CEO of First Marine Engineering Services Ltd, Joseph Penawou; the Solewant Group CEO, Solomon Ewanehi; and the CEO of Marine Platform Ltd, Taofik Adegbite, among others.
