The Petroleum Technology Association of Nigeria (PETAN), together with major international oil companies such as Shell, TotalEnergies, and ExxonMobil, has pledged strong support for Nigeria’s plan to increase crude oil production by one million barrels per day (bpd).

The commitments were made at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Project 1MMBOPD Additional Production Investment Forum in London. The high-level forum brought together operators, investors, and regulators to explore new investment opportunities, address funding challenges, and strengthen collaboration needed to achieve the production target.

NUPRC Chief Executive Engr. Gbenga Komolafe announced that the 2025 Oil Licensing Round will commence on December 1, 2025, targeting undeveloped and fallow oil and gas assets nationwide. The forum gave investors direct access to key decision-makers and showcased commercially viable projects aimed at fostering transparent, efficient partnerships across Nigeria’s upstream sector.

Government officials and lawmakers emphasized their commitment to removing operational bottlenecks, assuring that the Petroleum Industry Act (PIA) will remain stable, addressing a key concern for international investors.