Oil field | File photo
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the government approved oil field development plans (FIDs) worth about $20 billion in the last 10 months.
Gbenga Komolafe, chief executive officer (CEO), NUPRC, spoke on Tuesday in Lagos during a media training programme organised by the commission.
Represented by Efemona Bassey, deputy director of human resources, corporate services and administration, Komolafe noted that the approvals come despite a global downturn in oil and gas investments.
“Final Investment Decisions valued in billions of dollars have been taken, and within the last 10 months, we have approved Field Development Plans worth approximately $20 billion,” Komolafe said.
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He said one central takeaway from the engagements is that, globally, investments in oil and gas are declining as countries intensify the shift towards cleaner energy.
“Despite this global headwind, Nigeria has continued to record steady, measurable progress in the upstream sector,” Komolafe said.
“This has been driven by the Commission’s regulatory instruments developed under the PIA and further reinforced by President Bola Ahmed Tinubu’s far-reaching Executive Orders.
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“Accordingly, this year alone, Nigeria’s daily crude oil production has, on multiple occasions, exceeded 1.7 million barrels per day, demonstrating our capacity to surpass OPEC targets.”
The NUPRC CEO added that Nigeria’s rig count has increased to nearly 70, with over 40 rigs active.
“Looking ahead, the NUPRC remains fully committed to the national aspiration of adding one million incremental barrels of oil per day to our daily production profile,” he said.
“To this end, the Commission will conduct another licensing round on December 1, 2025, one that we anticipate will be even more transparent and globally competitive than the 2024 round.”
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The NUPRC CEO said the initiative is designed to “open new frontiers, unlock fresh prospects and further strengthen our reserves base”.
