The Energy Governance Alliance (EGA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for launching the 2025 oil licensing round on December 1. In a recent statement, EGA executive director Dr. Kelvin Sotonye William called this initiative a vital boost for investor confidence.

Dr. William stated the move reflects strong leadership in revitalizing Nigeria’s petroleum sector. He emphasized the round opens a new chapter of credibility. Transparent processes and predictable regulations signal Nigeria’s readiness for fair investment.

Regulatory Transformation Underway

The EGA leader praised NUPRC Chief Executive Engr. Gbenga Komolafe for reforms. These changes have restored discipline to a historically bureaucratic sector. Komolafe’s leadership aligns with Petroleum Industry Act (PIA) visions of a modern regulator.

“NUPRC now acts as a business enabler, not a bottleneck,” William noted. He highlighted the licensing round’s investor-focused approach. This supports national goals to increase production by one million barrels daily.

Global Investment Strategy

EGA highlighted the strategic London launch location. This positioning targets global capital amid intense energy investment competition. Meeting investors internationally rebuilds trust after past policy inconsistencies.

“London demonstrates Nigeria’s global competitiveness,” the statement added. Transparent data presentation counters decades of opacity. It showcases Nigeria’s reformed energy landscape.

Tangible Sector Progress

Dr. William cited concrete achievements under NUPRC supervision. These include 46 approved field development plans in 2025. Rig counts surpassed 60 while oil production rose steadily.

Current crude output reaches 1.83 million barrels per day. “These figures prove reforms work,” William asserted. Regulatory clarity now attracts investment effectively.

Call for Sustained Reforms

EGA urged continued government support for NUPRC’s initiatives. Consistent policies and stakeholder engagement are crucial. Maintaining momentum could push production above 2 million barrels daily.

“Transparency and profitability coexist,” William emphasized. He projected this could advance Nigeria toward a $1 trillion GDP economy. The licensing round marks a pivotal step in that journey.