The Petroleum Technology Association of Nigeria (PETAN) with other oil majors and service providers which include Shell, TotalEnergies, ExxonMobil have pledged support for Nigeria’s oil production target.
PETAN and the other Oil majors gave their support at the event by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” which held recently in London, to attract investors and boost Nigeria’s oil production by an additional one million barrels per day (bpd).
The forum, gathered key industry players, investors, and regulators to discuss opportunities, address funding challenges, and foster collaboration to achieve the production target.
The NUPRC Chief Executive, Engr. Gbenga Komolafe who used the platform to announce the december 1st date for the official commencement of the 2025 Oil Licensing said the initiative aims to unlock undeveloped and fallow oil and gas fields declaring that the event was also designed to create direct and open grounds for discussions between investors and decision-makers, showcase bankable projects, and facilitate partnerships built on transparency and efficiency.
On their part, legislators from Nigeria including other top government officials assured investors that Nigeria has the political will to clear existing bottlenecks with a note that the Petroleum Industry Act (PIA) would not be arbitrarily tampered with, thereby providing a stable regulatory environment.
NUPRC highlighted that ongoing reforms and interventions have already helped increase Nigeria’s crude oil production to around 1.7 million bpd from a low of 1.1 million bpd in 2022.
The two-day event was 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 others.
