The Petroleum Technology Association of Nigeria (PETAN), alongside major international oil companies including Shell, TotalEnergies and ExxonMobil, has pledged full support for Nigeria’s ambitious plan to ramp up crude oil production.

Their commitments were made at the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) Project 1MMBOPD Additional Production Investment Forum, in London — a high-level engagement aimed at attracting investment and adding one million barrels per day (bpd) to Nigeria’s output.

The forum convened leading operators, investors and regulators to explore new investment opportunities, address funding constraints, and strengthen collaboration needed to meet the nation’s production target.

NUPRC Chief Executive, Engr. Gbenga Komolafe, disclosed that the 2025 Oil Licensing Round will begin on December 1, 2025. The round will focus on unlocking undeveloped and fallow oil and gas assets across the country.

The forum provided direct access for investors to key decision-makers, showcasing a portfolio of commercially viable projects designed to promote transparent and efficient partnerships across the upstream sector.

Lawmakers and senior government officials reiterated Abuja’s commitment to removing operational bottlenecks, stressing that the Petroleum Industry Act (PIA) remains stable and will not be arbitrarily amended — a major concern for global investors.