NUPRC Approves Field Development Plans Valued At $20Bn, Vows To Upscale Investments
By Naija Enquirer Staff
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved major field development plans worth about $20 billion in the last 10 months, a milestone it says reflects renewed confidence and stability in Nigeria’s upstream oil and gas sector.
The Commission Chief Executive (CCE), Engr. Gbenga Komolafe, disclosed this at the close of a two-day capacity-building programme for energy journalists in Lagos on Tuesday. He reaffirmed that the Commission is preparing to embark on a new oil licensing round slated for December 1, 2025.
New Licensing Round Set for December 2025
Komolafe, represented by Efe Bassey, Deputy Director, described the forthcoming licensing exercise as a defining moment for the industry, promising that it will be more transparent, competitive, and investor-friendly than the 2024 bid round.
He noted that the objective is to open new exploration frontiers and unlock fresh opportunities for local and international companies seeking participation in Nigeria’s oil sector.
“Our expectation is that this licensing round will be a turning point for Nigeria’s oil and gas industry. Everyone willing to participate will have the opportunity. The process will meet global standards as we work toward achieving the national aspiration of adding one million barrels of oil per day to our production profile,” he said.
Media Urged to Support Investment Drive
The CCE highlighted the critical role of the media in shaping investor perception, warning that inaccurate or sensational reporting could discourage much-needed investment in the industry.
“The oil and gas sector is highly sensitive to perception. Your reporting can either reassure investors or deter them. I urge the fourth estate to centre national interest in your work, especially as we compete globally for energy investments,” he said.
Komolafe reiterated that the Commission remains committed to transparency, noting that it consistently publishes data and sector updates through its website, social platforms, and quarterly magazine.
Transparency and Accountability Under PIA
He further stated that the Petroleum Industry Act (PIA) mandates the Commission to make upstream sector data publicly accessible, aligning with the constitutional role of the media in holding government accountable.
“At the heart of both our missions— as the First Estate of the Realm and as a regulatory institution — is a shared commitment to openness, accountability, and service to the Nigerian people,” he said.
Upstream Gains Despite Global Challenges
Providing an update on Nigeria’s upstream performance, Komolafe acknowledged the global decline in fossil fuel investment due to energy transition pressures but maintained that Nigeria continues to record steady progress backed by regulatory reforms under the PIA and support from President Bola Tinubu’s administration.
He revealed that Nigeria now has nearly 70 oil rigs, with more than 40 currently active, while the Commission has approved multiple final investment decisions (FIDs) valued in billions of dollars.
Komolafe emphasized the need for continuous collaboration with journalists to foster public understanding of upstream operations and sustain investor confidence in the energy sector.
