The Petroleum Technology Association of Nigeria (PETAN), alongside major international oil companies such as Shell, TotalEnergies and ExxonMobil, has pledged strong support for Nigeria’s renewed drive to significantly raise crude oil production.
Their commitment was expressed at the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” held in London, an event aimed at mobilising investments that will help Nigeria add one million barrels per day to its current output.
The strategic forum brought together regulators, investors, service providers and top industry executives to explore viable investment opportunities, confront long-standing funding challenges and deepen collaboration across the upstream oil and gas sector.
During the gathering, the Chief Executive of NUPRC, Engr. Gbenga Komolafe, announced that the 2025 Oil Licensing Round will officially commence on December 1, 2025.
According to him, the new round is designed to unlock undeveloped and fallow oil and gas fields, creating fresh opportunities for exploration and production activities.
Komolafe explained that the event was deliberately structured to connect investors directly with key decision-makers, showcase bankable projects and promote partnerships built on transparency and operational efficiency.
Lawmakers and senior government officials in attendance also reassured investors of the government’s readiness to address existing bottlenecks.
They affirmed that the Petroleum Industry Act (PIA) will remain stable and will not be arbitrarily altered, a move they say is crucial for sustaining investor confidence.
NUPRC disclosed that Nigeria’s crude oil production has already begun to show significant improvement due to ongoing reforms and targeted interventions.
Output has risen to around 1.7 million barrels per day, up from the 1.1 million barrels recorded in 2022.
The London forum drew some of the most influential stakeholders in the sector, including leading indigenous service providers such as PETAN Chairman and CEO of Geoplex Drillteq Ltd, Engr. Wole Ogunsanya; CEO of First Marine Engineering Services Ltd, Mr. Joseph Penawou; Solewant Group CEO, Mr. Solomon Ewanehi; and Marine Platform Ltd CEO, Mr. Taofik Adegbite.
Major producing companies were also well represented by the CEO of Seplat, Mr. Roger Brown; the Managing Director of TotalEnergies Nigeria, Mattieu Bouyer; ExxonMobil Nigeria’s Managing Director, Jagir Baxi; AA Holdings Chairman, Austin Avuru; as well as NUPRC executive commissioners and representatives of several investment firms.
The forum closed with a shared sense of optimism, as industry players renewed their commitment to supporting Nigeria’s objective of ramping up oil production and strengthening the competitiveness of its upstream sector.
An International Chamber of Commerce (ICC) arbitration tribunal in Paris has ruled in favour of…
Abia State Governor Alex Otti has said he will retire from active politics after completing…
The Obi-Kwankwaso Movement has unveiled a 59-member Presidential Campaign Council as it steps up preparations…
The 2027 governorship candidate of the All Progressives Congress in Ogun State, Senator Solomon Adeola,…
By CHRIS ISHAKU For decades, Plateau State has worn the celebrated label, “Home of Peace…
The Federal Government is planning to phase out electricity subsidies from 2027 as part of…
This website uses cookies.