1 month ago
10
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced important milestones successful transforming the country’s upstream lipid assemblage since its constitution nether the Petroleum Industry Act (PIA) 2021, fuelling growth, investment, and transparency.
The commission, which is marking its 4th twelvemonth successful cognition this month, highlighted 16 high-impact achievements since its inception. It revealed that it surpassed gross targets by 84.2 per cent successful 2024, approved astir $40 cardinal successful upstream investments, and witnessed a 762.5 per cent summation successful progressive rig number betwixt 2021 and October 2025.
Despite enduring fluctuations successful planetary lipid prices and accumulation volumes, the NUPRC exceeded its gross expectations for 3 consecutive years.
The Commission said it outperformed gross targets by 18.3 per cent successful 2022, 14.65 per cent successful 2023, and recorded its highest borderline of 84.2 per cent successful 2024.
This beardown fiscal show has fortified the Nigerian system and the Commission’s capableness to efficaciously modulate and make the upstream petroleum sector.
The NUPRC explained that contempt planetary lipid terms fluctuations and accumulation challenges, it exceeded gross expectations for 3 consecutive years, increasing by 18.3 per cent successful 2022, 14.65 per cent successful 2023, and dramatically by 84.2 per cent successful 2024. The Commission said this show importantly boosted Nigeria’s system and enhanced its capableness to modulate the sector.
The upstream regulator said it approved 79 Field Development Plans (FDPs) from 2024 done 2025, unlocking imaginable investments worthy astir $39.98 billion, including $20.55 cardinal successful 2024 alone, and $19.43 cardinal recorded successful 2025. The Commission stated that these approvals reflected beardown capitalist assurance successful Nigeria’s upstream petroleum industry.
The Commission besides reported a surge successful rig activity, revealing that the rig number roseate from 8 successful 2021 to 69 arsenic of October 2, 2025—a 762.5 per cent increase. It indicated that the existent tally includes 40 progressive rigs, underlining renewed exploration and drilling activities nationwide.
It said the surge successful rig deployment highlighted improving capitalist confidence, underpinned by the unchangeable regulatory situation fostered by the NUPRC and the supportive concern clime emphasised by President Bola Tinubu’s administration.
The NUPRC added that Nigeria’s mean crude lipid accumulation presently stood astatine 1.65 cardinal barrels per time (Mbopd), with a people to summation this to 2.5 Mbopd by 2027 nether the “Project 1 Mbopd” inaugural championed by the Commission.
Nigeria’s crude lipid accumulation has steadily climbed since the Commission began operations, with the existent regular output averaging 1.65 cardinal barrels per time (Mbopd). Supported by initiatives specified arsenic the “Project 1 Mbopd,” Nigeria aims to boost accumulation further to 2.5 Mbopd by 2027.
This extremity is aligned with the Commission’s mandate to heighten nationalist lipid accumulation capacity, trim import dependency, and presumption Nigeria arsenic a starring lipid shaper connected the continent
In its effort to amended transparency successful the sector, the NUPRC said it digitised upstream licensing rounds, eliminating governmental interference.
Also, it noted that the Nigeria Extractive Industries Transparency Initiative (NEITI) had hailed this process arsenic the astir transparent bid circular successful Nigeria’s lipid manufacture history.
Furthermore, the Commission revealed it had released 19 retired of 24 projected regulations nether the PIA, enabling it to transportation retired reforms specified arsenic the “Drill oregon Drop” policy, which mandates the relinquishment of 400 identified dormant lipid fields to beforehand optimal plus utilisation.
The NUPRC said assemblage improvement was different cardinal focus, reporting that Host Community Development Trusts had remitted implicit N358.67 cardinal successful contributions to money 536 ongoing projects, including schools, wellness centres, roads, and vocational grooming facilities.
It added that these efforts had besides contributed to a diminution successful crude lipid theft.
On information improvements, the Commission revealed that crude lipid theft had dropped by 90 per cent from 102,900 barrels per time successful 2021 to 9,600 barrels per time successful September 2025. It attributed this occurrence to collaboration betwixt information forces, backstage contractors, and regulatory initiatives specified arsenic the Upstream Measurement Regulation and Advanced Cargo Declaration.
The NUPRC concluded that its achievements nether the PIA had not lone attracted monolithic investments and boosted lipid accumulation but had besides strengthened section communities and enhanced transparency successful Nigeria’s upstream petroleum sector, signalling a caller epoch of maturation and stability.
Related
English (US) ·