The Petroleum Technology Association of Nigeria (PETAN), alongside leading international oil majors and service companies including Shell, TotalEnergies, and ExxonMobil, has reaffirmed its commitment to supporting Nigeria’s ambitious oil production targets.
Their pledges were made at the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” held in London — a high-level strategic engagement aimed at attracting new capital inflows and delivering an additional one million barrels of oil per day to Nigeria’s current output.
The forum convened top industry executives, global investors, service providers, and regulatory leaders to explore investment opportunities, address persistent funding constraints, and strengthen collaboration across the upstream value chain.
NUPRC Chief Executive, Engr. Gbenga Komolafe, announced that the 2025 Licensing Round will formally begin on December 1, 2025. The round is designed to unlock value from undeveloped, marginal, and fallow oil and gas fields by offering transparent and competitive bid windows to investors.
The forum provided direct, high-level access for investors to policymakers and asset holders, showcasing bankable upstream opportunities and promoting partnership models anchored on transparency, efficiency, and accelerated project delivery.
Federal lawmakers and senior government officials present at the forum assured investors of consistent policy support. They reaffirmed that the Petroleum Industry Act (PIA) will not be arbitrarily altered, underscoring the government’s commitment to a stable, predictable, and investor-friendly regulatory environment.
NUPRC highlighted that ongoing industry reforms and targeted operational interventions have already driven Nigeria’s crude oil production upward — reaching about 1.7 million barrels per day, up 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 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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