Nigeria urges investors to accelerate oil field development to boost production
Written by: Ayman Ragab
Nigeria’s two state ministers of petroleum resources urged investors who won the 2025 licensing round to immediately begin developing the oil and gas fields granted to them, stressing that the purpose of granting licenses is to increase production, not to hold them as investment assets or use them only to attract financial or technical partners.
This came during the 2025 Licensing Round Trade Bidding Conference, organized by the Nigerian Petroleum Initiation Regulatory Authority (NUPRC) in the capital, Abuja, where the Minister of State for Petroleum Affairs, Senator Heineken Lokopere, stressed that some previous license holders had not developed their concessions and had merely presented them at international conferences in search of investors.
Lokopiri stressed that the Petroleum Industry Act has enhanced the transparency and competitiveness of granting oil concessions, after abolishing the discretionary allocation system, so that licenses are now granted through open competitions, stressing that the winners are required to start development and exploration work without delay to increase oil and gas production.
Nigeria is one of the most attractive destinations for investment in the energy sector.
He added that Nigeria is one of the most attractive destinations for investment in the energy sector, noting that recent geopolitical developments have increased the strategic importance of its hydrocarbon resources.
For his part, the Minister of State for Gas Affairs, Dr. Ekberikbe Ekbo, said that the licensing round represents a new milestone in the government’s efforts to develop its petroleum resources through a transparent and competitive regulatory framework, stressing the government’s commitment to providing an attractive environment for investments and accelerating exploration and production operations.
He explained that new investments in the exploration and production sector are a key element for the success of the “Gas Contract” initiative, by increasing gas reserves, expanding domestic supplies, supporting manufacturing, improving access to energy, and enhancing Nigeria’s position in global gas markets.
Ekpo noted that ongoing regulatory and financial reforms have contributed to boosting investor confidence, thanks to increased regulatory certainty, improved transparency, and easier business practices. He commended the Nigerian Oil and Gas Regulatory Authority for its professional and impartial management of the licensing process and urged investors to take advantage of the significant opportunities offered by the country's oil and gas sector.
