The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that reforms introduced in the oil and gas sector have attracted $18.2 billion worth of investment commitments across 28 Field Development Plans.
Chief Executive of the Commission, Engr. Gbenga Komolafe, said the commitments highlight the competitiveness and attractiveness of Nigeria’s upstream sector.
According to him, the investments are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, while adding an estimated 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas. This, he said, will significantly advance the country’s aspiration of achieving over 3 million barrels per day crude oil production.
Komolafe credited the progress to the Petroleum Industry Act (PIA) 2021, which ushered in governance reforms, fiscal changes, and institutional realignment in Nigeria’s energy sector.
He noted that in less than four years, the NUPRC has rolled out 24 transformative regulations, 19 of which have been gazetted to operationalise key provisions of the PIA.
In addition, the Commission has unveiled a Regulatory Action Plan (RAP) aimed at: Tackling regulatory bottlenecks, removing entry barriers, ensuring timely and transparent licensing rounds
Komolafe said the RAP aligns with the PIA and reinforces Nigeria’s commitment to creating a stable, transparent, and investment-friendly upstream environment.
