The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 120 oil and gas field development plans since 2024, with the projects carrying an estimated capital expenditure of $47.6 billion.
The approved developments are expected to significantly increase Nigeria’s production capacity, with projected additions of 1.74 million barrels of oil and 13.9 billion standard cubic feet of gas per day.
NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed this on Tuesday in Abuja during an event marking the fifth anniversary of the commission’s establishment under the Petroleum Industry Act (PIA) 2021.
Eyesan said one of the major projects approved was the $10.3 billion Zabazaba-Etan development in OPL 245, which had remained stalled for more than 20 years because of disputes.
She also revealed that Nigeria accounted for 38 per cent of all upstream investment sanctioned across Africa in 2025, compared with an average of four per cent between 2015 and 2023.
According to her, the increase made Nigeria Africa’s leading destination for upstream investment for the second consecutive year.
The NUPRC boss said the country had also recorded growth in oil and condensate production, which increased from about 1.44 million barrels per day in 2022 to an average of 1.75 million barrels per day during the first seven months of 2026.
Gas production also rose from 6.83 billion standard cubic feet per day to approximately 7.97 billion standard cubic feet per day within the same period.
Eyesan further disclosed that the commission had drastically reduced the time required to approve the reactivation of shut-in wells.
She said the approval process, which previously took between two and six weeks, can now be completed within two to four hours.
The commission has also approved 37 new crude evacuation routes as part of efforts to reduce production losses caused by shut-ins.
Looking ahead, Eyesan said the NUPRC was entering what she described as an “age of compliance,” during which the regulatory body would score and publish the compliance records of oil and gas licensees and lessees.
The scores will cover areas including work programme delivery, payment of royalties, rents and fees, domestic crude and gas supply obligations, measurement and data reporting, gas flaring, health, safety and environmental standards, decommissioning obligations and contributions to host communities.
The NUPRC is targeting production of three million barrels of oil per day and 12 billion standard cubic feet of gas per day by 2030, Eyesan said.
Tinubu: Oil and Gas Will Support Economic Diversification
President Bola Ahmed Tinubu, represented at the event by Vice-President Kashim Shettima, said the Federal Government intends to use Nigeria’s petroleum resources to strengthen economic diversification.
Tinubu said oil and gas revenues would help support sectors such as agriculture, manufacturing, digital businesses and the creative industry, while increased gas supply would provide more energy for homes and industries.
“Our aim is to use our petroleum resources to build this diversified economy. Our gas can power homes and factories. Petroleum earnings support a stable naira and fund the federation,” he said.
The President also said the Petroleum Industry Act had created a stronger foundation for investment by establishing clearer regulations and a more predictable environment for investors, while also providing statutory benefits for host communities.
He highlighted the government’s fiscal incentives aimed at attracting new capital, including the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026.
According to him, the order is designed to unlock up to $50 billion in new investment, beginning with the Bonga Southwest project.
Lokpobiri Demands Faster Regulatory Decisions
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, called on the NUPRC to make faster and more decisive regulatory decisions in order to attract additional investment into Nigeria’s upstream petroleum industry.
Lokpobiri said Nigeria was producing barely one million barrels of oil per day, including condensates, when the Tinubu administration assumed office in 2023, partly because of delays in regulatory approvals.
He said stronger collaboration between the ministry and the NUPRC had helped remove some of the obstacles, with production now reaching 1.821 million barrels per day.
“Today we’re doing, as of yesterday when you sent the report to me, we’re doing 1.821 million barrels a day. That is over 80 per cent of success,” he said.
The minister also disclosed that drilling activities had increased from fewer than 10 when the current administration came into office to more than 70.
He described the increase as important for sustaining Nigeria’s future production and urged the regulator to continue granting licences to investors with the financial and technical capacity required to develop the country’s petroleum resources.
“Once we are able to do that, I believe that all those people who are coming with petro-dollars are bound to come to Nigeria,” Lokpobiri said.
He also called for greater stability and predictability in Nigeria’s fiscal and regulatory policies, arguing that the country must make quick, bold and transparent decisions to remain competitive in attracting global investment
NNPC Commends NUPRC
Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, also praised the NUPRC for creating what he described as a regulatory environment capable of supporting investment and sustainable value creation.
Ojulari said clearer regulations, faster approvals and stronger engagement with operators had helped create an environment where companies could concentrate on developing value while maintaining safety and compliance standards.
He said the industry was recording progress in increasing production, reducing costs and attracting fresh investment.
“Our focus remains on growing results, increasing production, accelerating gas development, and creating long-term value for our shareholders and the Nigerian people,” Ojulari said.
According to him, the next phase of Nigeria’s upstream industry should focus on safely increasing production, attracting and retaining investors, commercialising undeveloped resources, expanding gas utilisation and improving the country’s competitiveness in the global energy market.
Ojulari assured that NNPC Limited would continue working closely with the NUPRC to build a more efficient, competitive and attractive upstream petroleum industry.
