The Petroleum Technology Association of Nigeria (PETAN), other oil majors and service providers have pledged their support for Nigeria’s oil production target.
They made the pledge 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 attracted key industry players, investors, and regulators to discuss opportunities, address funding challenges, and foster collaboration to achieve the production target.
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. It is to unlock undeveloped and fallow oil and gas fields.
Investment Opportunities:
The event was designed to create direct access for investors to meet decision-makers, showcase bankable projects, and facilitate partnerships built on transparency and efficiency.
Government officials present at the event 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 announced that ongoing reforms and interventions have already helped increase Nigeria’s crude oil production to around 1.7 million bpd from 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, the 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.
