The Petroleum Technology Association of Nigeria (PETAN), alongside international oil majors and top service companies including Shell, TotalEnergies, and ExxonMobil, has pledged full support for Nigeria’s ambition to significantly raise its crude oil output.
The commitment was disclosed in a statement by PETAN Chairman, Mr. Wole Ogunsanya, on Sunday in Lagos.
Ogunsanya said the pledge was made at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) “Project 1MMBOPD Additional Production Investment Forum,” held in London on Saturday. The forum is part of a renewed push to attract fresh capital and raise Nigeria’s daily crude production by an additional one million barrels.
According to him, the gathering brought together key industry operators, global investors, financiers, and regulators to explore new investment opportunities, close funding gaps, and strengthen partnerships needed to deliver the ambitious output target.
Ogunsanya stated that NUPRC Chief Executive, Mr. Gbenga Komolafe, used the occasion to announce that the 2025 Oil Licensing Round will begin on December 1. The round is aimed at unlocking undeveloped, marginal, and fallow oil and gas fields across the country to boost reserves and production.
He added that the forum served as a direct platform for investors to engage with project owners and policymakers, while spotlighting viable prospects and encouraging collaborations anchored on transparency, efficiency, and accountability.
Legislators and senior government officials at the event assured investors of strong political backing to eliminate bottlenecks in the sector. They also reaffirmed that the Petroleum Industry Act (PIA) will remain stable, with no arbitrary amendments, in order to maintain a predictable regulatory environment for long-term investments.
Ogunsanya noted that ongoing reforms and regulatory actions have already begun yielding results. Nigeria’s production, he said, has climbed to about 1.7 million barrels per day—up from a low of 1.1 million bpd in 2022.
The two-day investment forum drew participation from major local and international stakeholders, underscoring renewed confidence in Nigeria’s upstream sector and the collective resolve to meet the country’s production targets.
