NIGERIA’S OIL PRODUCTION GETS BOOST AS PETAN, OIL MAJORS PLEDGE SUPPORT FOR NUPRC 1M BARREL TARGET
GREATRIBUNETVNEWS–THE Petroleum Technology Association of Nigeria (PETAN), along with oil majors like Shell, TotalEnergies, and ExxonMobil, has pledged support for Nigeria’s oil production target. Here are the key issues:
– 2025 Oil Licensing Round: The NUPRC has announced that the 2025 Oil Licensing Round will commence on December 1, 2025, aiming to unlock undeveloped and fallow oil and gas fields.
– Investment Opportunities: The event provided direct access for investors to decision-makers, showcasing bankable projects and facilitating partnerships built on transparency and efficiency.
– Government Commitment: Nigerian legislators and government officials assured investors of the government’s political will to clear existing bottlenecks and maintain a stable regulatory environment.
– Current Production Status: Nigeria’s crude oil production has increased to around 1.7 million bpd from 1.1 million bpd in 2022, thanks to ongoing reforms and interventions.
– Collaboration and Partnerships: The event fostered collaboration among industry players, investors, and regulators to achieve Nigeria’s oil production target .
They gave their support at the recently held event by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” in London, a strategic event designed to attract investors and boost Nigeria’s oil production by an additional one million barrels per day (bpd).
The forum, gathered key industry players, investors, and regulators to discuss opportunities, address funding challenges, and foster collaboration to achieve the production target.
Key Announcements and Highlights
2025 Licensing Round: The NUPRC Chief Executive, Engr. Gbenga Komolafe, used the platform to announce that the 2025 Oil Licensing Round will officially commence on December 1, 2025. This initiative aims to unlock undeveloped and fallow oil and gas fields.
Investment Opportunities: The event was designed to create direct access for investors to decision-makers, showcase bankable projects, and facilitate partnerships built on transparency and efficiency.
Government Commitment: Nigerian legislators and government officials assured investors that the government has the political will to clear existing bottlenecks and that the Petroleum Industry Act (PIA) would not be arbitrarily tampered with, thereby providing a stable regulatory environment.
Current Production Status:
NUPRC highlighted that ongoing reforms and interventions have already helped increase Nigeria’s crude oil production to around 1.7 million bpd from a low of 1.1 million bpd in 2022.
The two-day event is being attended by key players, including indigenous oilfield service providers in the sector such as: Engr. Wole Ogunsanya, CEO of Geoplex Drillteq Ltd and Chairman of PETAN; Mr. Joseph Penawou, CEO, First Marine Engineering Services Ltd; Mr. Solomon Ewanehi, CEO, Solewant Group, and Mr. Taofik Adegbite, CEO, Marine Platform Ltd.
The producing companies were represented by the CEO of Seplat, Mr. Roger Brown; the Managing Director, TotalEnergies Nigeria, Mattieu Bouyer; Managing Director of ExxonMobil Nigeria; Jagir Baxi; Chairman, AA Holdings, Austin Avuru; executive commissioners of the NUPRC, representatives of investment firms, among several others.
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