The Energy Governance Alliance (EGA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for initiating the 2025 oil licensing round, scheduled to begin on December 1.
In a statement issued on Wednesday, EGA’s Executive Director, Dr. Kelvin Sotonye William, described the announcement as a significant boost to investor confidence and a demonstration of renewed commitment to Nigeria’s oil industry. He noted that the move reflects strong leadership and clear policy direction aimed at revitalizing the nation’s petroleum sector and attracting fresh investments.
“The NUPRC’s action is more than just opening new oil blocks; it marks a new era of credibility and trust for investors in Nigeria’s petroleum industry. By ensuring transparency, reliable data, and predictable regulation, the Commission is sending a clear signal globally that Nigeria’s upstream sector is open for accountable and profitable investment,” Dr. William said.
He praised NUPRC Chief Executive, Engr. Gbenga Komolafe, for his reform-driven leadership, which has “restored discipline and clarity” to a sector previously burdened by bureaucracy and inefficiency.
“Under Engr. Komolafe, the NUPRC has become a model of what the Petroleum Industry Act (PIA) envisioned: a modern, independent regulator that enables business rather than hinders it. This licensing round embodies that vision. It is data-focused, investor-friendly, and fully aligned with Nigeria’s target of increasing oil production by one million barrels per day,” he added.
EGA highlighted that holding the launch of the licensing round in London was both strategic and symbolic, reinforcing Nigeria’s credibility as an attractive destination for energy investment amid stiff global competition.
“The decision to host the launch in London demonstrates Nigeria’s readiness to compete internationally for capital. By engaging investors directly and presenting a transparent, reform-backed investment opportunity, the NUPRC is rebuilding the trust that was lost over years of opacity and inconsistent policies,” the statement concluded.
Dr. William also highlighted tangible achievements under the NUPRC’s leadership, noting the approval of 46 field development plans in 2025, a rig count surpassing 60, and crude oil production steadily climbing to 1.83 million barrels per day.
“These figures are more than statistics; they show that Nigeria’s upstream sector is genuinely recovering and that the reforms are producing results. Clear regulations combined with investor confidence are attracting capital, and that is precisely what we are seeing under the NUPRC’s guidance,” he explained.
He encouraged the federal government to continue backing the Commission’s reform initiatives through consistent policy enforcement, capacity building, and active engagement with industry stakeholders.
“With this licensing round, Nigeria has an opportunity to prove that transparency and profitability can go hand in hand. Sustaining this momentum could allow the nation to surpass two million barrels per day in production and move closer to realizing the larger goal of a $1 trillion economy,” Dr. William concluded.
