Nigeria’s ambition to aggressively ramp up crude oil production received a major boost at the weekend as the Petroleum Technology Association of Nigeria (PETAN), global oil majors and leading service companies reaffirmed their commitment to supporting the country’s upstream growth agenda.

In a strong show of industry confidence, executives from Shell, TotalEnergies, ExxonMobil and top indigenous service providers pledged coordinated backing for Nigeria’s drive to unlock an additional one million barrels per day (1MMbpd) in the short-to-medium term.

The pledges were made at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Project 1MMbpd Additional Production Investment Forum held in London—a strategic global roadshow aimed at attracting fresh capital, accelerating field development, and boosting investment flows into Nigeria’s upstream sector.

According to PETAN Chairman, Wole Ogunsanya, the London forum served as a “catalyst for renewed investor confidence,” bringing together policymakers, financiers, operators and technical partners under one roof to examine opportunities, address bottlenecks and deepen collaboration.

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Unlocking Untapped Barrels: New Licensing Round Takes Centre Stage

The Chief Executive of NUPRC, Gbenga Komolafe, used the high-level forum to announce that the 2025 Oil Licensing Round will officially open on December 1.

This fresh bid round will prioritise:

• Undeveloped oil blocks
  
• Fallow and marginal fields
  
• Gas-rich acreage
  
• Brownfield opportunities requiring quick interventions
  

NUPRC emphasised that the licensing round will be conducted under transparent, competitive, investor-friendly conditions—one of the strongest selling points needed to pull global capital back into Nigeria’s deep, shallow and onshore basins.

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Government Reassures Investors: “The PIA Will Not Be Tampered With”

A major concern among investors has been policy unpredictability. At the London forum, senior Nigerian lawmakers and top government officials provided strong assurances:

• No arbitrary amendments will be made to the Petroleum Industry Act (PIA).
  
• Investors will enjoy a stable regulatory environment.
  
• Fiscal terms will remain competitive and transparent.
  
• All bottlenecks delaying investments will be removed as a matter of priority.
  

These assurances aim to restore market confidence and halt the capital flight that has plagued the sector over the last decade.

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Nigeria’s Production Rebounds—But Demand for More Investment Remains Urgent

Komolafe revealed that Nigeria’s crude output has climbed to about 1.7 million barrels per day, up from a low point of 1.1 million bpd in 2022.
This recovery, he noted, reflects ongoing reforms, security interventions and improved regulatory oversight.

However, reaching the 1MMbpd additional target will require:

• Rapid development of abandoned or underperforming fields
  
• Deepwater investment revival
  
• Integrated partnerships between IOCs and indigenous firms
  
• Access to capital from global financiers
  
• Technological upgrades and field optimisation
  

The London investment forum served as a bridge between assets, capital and technology—exactly what Nigeria needs to unlock significant new volumes.

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PETAN: “Industry Unity Will Deliver Nigeria’s Production Ambition”

Ogunsanya noted that PETAN members—who represent the backbone of Nigeria’s oilfield services ecosystem—are fully aligned with government plans.

He emphasised that Nigerian service companies possess the technical depth, local capacity and experience needed to support IOCs and independents in achieving quick wins that can increase national output.

The forum, which ran for two days, attracted an impressive turnout of indigenous upstream producers, global operators, investors, banks, field development specialists, and energy-sector policymakers.

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BRANDECONOMY Verdict

Nigeria’s renewed upstream investment drive is gaining traction. A unified front—across government, regulators, IOCs and indigenous operators—is emerging at a time when the country urgently needs foreign exchange, fresh investment and production growth.

If sustained, the combined effects of:

• policy clarity,
  
• the PIA stability pledge,
  
• new licensing rounds, and
  
• industry collaboration
  

could reposition Nigeria as Africa’s preferred oil investment destination.

The London forum signals that global energy partners still believe in Nigeria’s upstream potential—but execution, regulatory discipline and security improvements will determine whether the momentum is sustained.

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