THE Petroleum Technology Association of Nigeria (PETAN), alongside international oil majors and leading service companies such as Shell, TotalEnergies and ExxonMobil, has pledged full support for Nigeria’s crude oil production growth plans.
The commitment was disclosed in a statement by Mr Wole Ogunsanya, the PETAN chairman, in Lagos on Sunday.
Ogunsanya said the pledge was made during the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” held in London on Saturday.
He said the event was strategically designed to attract fresh investment and raise Nigeria’s crude output by an additional one million barrels per day (bpd).
He explained that the forum brought together top industry players, investors, financiers, and regulators to explore opportunities, address funding gaps, and strengthen partnerships required to meet the production target.
Ogunsanya noted that the Chief Executive of NUPRC, Mr Gbenga Komolafe, used the platform to announce that the 2025 Oil Licensing Round will commence on Dec.1.
Ogunsanya said that the round aims to unlock undeveloped and fallow oil and gas fields across Nigeria.
He said that the event provided direct access for investors to project owners and policymakers, while showcasing bankable opportunities and facilitating partnerships grounded in transparency, efficiency and accountability.
He added that Nigerian legislators and senior government officials reassured investors of unwavering political will to remove existing bottlenecks.
They also pledged that the Petroleum Industry Act (PIA) will remain stable and free from arbitrary amendments—ensuring a predictable regulatory environment.
According to Ogunsanya,NUPRC highlighted that ongoing reforms and regulatory interventions have raised Nigeria’s crude oil production to about 1.7 million bpd, up from a low of 1.1 million bpd in 2022.
The two-day investment forum attracted major indigenous and international stakeholders.(NAN)
