NUPRC's Project 1MMBOPD Additional Production Investment Forum. (Image source: NUPRC)

On the occasion of its Project 1MMBOPD Additional Production Investment Forum held in London, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2025 Licensing Round effective 1 December 2025

Noting that the licensing round has been designed in line with the Petroleum Industry Act, the NUPRC chief executive, Gbenga Komolafe, said, "One of the factors that affected business is that activities were happening in silos but the NUPRC now realises the need to bring everyone together,” before adding, “We want you all to network. Bank of America is here as well as representatives of other banks.” 

He highlighted funding as the biggest challenge in Nigeria's upstream sector right now, and NUPRC's urgency in overcoming the issue, while speaking at the forum before the CEOs of oil companies, bank representatives and potential investors, among others.

As the session saw a lot of brainstorming in making the additional one million barrels a reality, Komolafe acknowledged the significance of the reforms initiated by the President Bola Ahmed Tinubu-led administration in boosting Nigeria’s economic metrics. He cited his statements with Nigeria's progress in crude production, which now averages 1.71 mn bopd, with a peak daily output of 1.83 mn bopd.

Komolafe further noted that 46 field development plans (FDPs) had been approved from January 2025 till date, and the country's rig count has crossed 60, out of which at least 40 are active. The chief executive highlighted how these metrics spoke for themselves when it comes to prospects for investments, and said, “The drive to reach and sustain one million barrels per day in incremental capacity and beyond will require Floating Production Storage and Offloading (FPSO) units for cluster developments, Floating Storage and Offloading (FSO) vessels for crude evacuation and storage, and a variety of Modular Offshore Production Units and Early Production Facilities to enable early production and accelerated monetisation. All these need investments and the prospects are here in Nigeria.” 

Other delegates in the forum, including Alhassan Ado Doguwa, Chairman, House Committee on Petroleum Resources (Upstream), and Senator Eteng Williams, assured investors of Nigeria's business friendly laws as they spoke before key oil and gas players. These comprised the Seplat CEO, Roger Brown, managing director, TotalEnergies Nigeria, Mattieu Bouyer, managing director of ExxonMobil Nigeria, Jagir Baxi, and chairman, AA Holdings, Austin Avuru, to name a few. 

The company will be testing the well to establish flow rates.

Reconnaissance Energy Africa has completed drilling operations at the Kavango West 1X well located on Petroleum Exploration Licence 73 onshore Namibia 

Brian Reinsborough, president and CEO, said, “ReconAfrica is excited to announce that the Kavango West 1X well has encountered hydrocarbon pay in the Otavi reservoir section. The results from this well have allowed the Company to proceed to a success case evaluation, which includes conducting a production test of prospective intervals to determine deliverability characteristics from the well. We are excited about what the results mean for the future of the Damara Fold Belt play on ReconAfrica’s lease position onshore Namibia which covers over six million prospective acres. I am also very proud of the ReconAfrica team who drilled this well safely, on schedule and on budget with strong local stakeholder engagement.”

The well reached a total depth (TD) of 4,200 m (13,800 ft) and conducted an extensive wireline logging programme. The well has been temporally abandoned and will be re-entered once testing equipment arrives in the first quarter of 2026.

Extensive wireline logging indicates ~85 m (~280 ft) of net reservoir with 64 m (210 ft) of net hydrocarbon pay across a gross interval of ~400 m (~1,300 ft) containing multiple limestone reservoir units. Mud and gas samples have been collected throughout the well and will be sent to the Unites States for analysis. No core samples were taken in this well.

Next, the company will be testing the well to establish flow rates from intervals of interest. This will help study the positive indications of hydrocarbon-saturated reservoirs based on wireline logs and oil and gas shows in addition to interpreted natural fractures in the limestone reservoir units, which should enhance deliverability of hydrocarbons.

A production test will be conducted to determine the deliverability characteristics of the intervals of interest within the Otavi carbonate section. The production test will be run in 5-inch production casing with Tubing-Conveyed Perforations (TCP) to selectively perforate intervals based on where hydrocarbon pay has been identified on wireline logs and where significant oil and gas shows were encountered. Intervals of interest will be the 64 metres of hydrocarbon pay identified on wireline logs and an additional 61 metres of oil and gas shows identified in the deeper sections where interpreted natural fractures in the limestone reservoir units should enhance deliverability of hydrocarbons. Planning and logistics have begun for this test, which is anticipated to occur in the first quarter of 2026 and should run for approximately one month in duration.

Eni is supporting Egypt's energy ambitions.

Egypt's President, Abdel Fattah el-Sisi, advanced the country's strategic ambitions to become a Mediterranean energy hub as he met with Eni CEO, Claudio Descalzi

The company is supporting the region's ambitions by developing the Cronos gas field offshore Cyprus.

Discussions during the meeting, which also included Egypt’s Prime Minister, Mostafa Madbouly, and Minister of Petroleum and Mineral Resources, Karim Badawi, ranged from reviewing Eni's investments in the country and future plans. The company has initiated an offshore Mediterranean exploration drilling campaign in October to boost new gas production. Its approach is backed by short-cycle, infrastructure-led strategies on extending the life of legacy assets in Sinai and the offshore Nile Delta.

Descalzi also updated President El-Sisi on Eni’s ongoing and future commitment to invest in social and health projects, focus will be on health projects to support the Country’s efforts in building capabilities, manage complex infrastructures to deliver a quality service to the population.

Eni operates in Egypt through its subsidiary IEOC and is currently the leading producer in the Country, with a hydrocarbon production of approximately 280,000 barrels of oil equivalent per day in Eni's share in 2024.

Eni has exercised its pre-emption right.

Eni-subsidiary Nigeria Agip Exploration Limited has acquired an additional 2.5% stake in the OML 118 production sharing contract that contains the Bonga field

The oil major has exercised its pre-emption right to make this acquisition. NAE holds non-operating interests in the OML118. 

Following the transaction, which has received all necessary regulatory approvals, NAE's share in OML 118 PSC increased from 12.5% to 15%. This acquisition is fully aligned with Eni’s strategy to optimise its upstream portfolio and further strengthens the company’s commitment to deepwater projects in the country.

The divestment is now completed as the transaction has been made for an aggregated amount of US$510mn.

Eni has been present in Nigeria since 1962, with an average equity production of 50 Kboed in 2025.