The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it has achieved 16 high impact feats since its establishment four years ago despite the legacy challenges it inherited from the pre-Petroleum Industry Act era.
According to a statement signed by the Commission’s Head, Media and Strategic Communication, Eniola Akinkuotu, in 2022, 2023 and 2024, the NUPRC surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent respectively despite fluctuations in oil production and prices thus contributing largely to the country’s economic growth.
Still, it noted that between 2024 and 2025, it approved 79 Field Development Plans (FDP), that is, 41 in 2024 and 38 YTD 2025, with potential investment of $39.98 billion, made up of $20.55b in 2024 and $19.43b in YTD 2025.
NUPRC further said since its inception, crude oil production has increased with current average daily production of 1.65Mbopd expected to increase further with the Project 1Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.
“Prior to the establishment of the Commission, the licensing rounds were opaque. They were beclouded by political influence which made the process lack credibility. However, the NUPRC with the support of President Bola Tinubu, transformed the process to be fully digital thereby enhancing transparency and credibility. It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI),” the Commission said in a statement.
In line with the PIA 2021, implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished, has also been implemented. The policy is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
It noted further that the rig count in the upstream oil and gas sector, rose geometrically from eight in 2021 to 69 as of October 2, 2025. The latest rig count of 69 which comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years. The number is expected to increase even further in the coming months. This shows a renewed investor confidence in Nigeria and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC.
The Commission approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development.
To give meaning to the intent of the PIA, 2021, the Commission in consultation with stakeholders has developed 24 regulations. So far 19 have been gazetted while five await gazetting. These forward-thinking Regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices
In gas flaring commercialization efforts, the commission completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP). The programme is aimed at eliminating gas flaring and attracting at least $2.5 billion in investments.
Still, the Host Community Development Trusts have remitted N122.34b and over $168.91m as of October 2025. This translates to a combined remittance of over N358.67b based on the prevalent exchange rate in enthroning a conducive host community environment in Nigeria. The Commission is also overseeing at least 536 projects at various stages of completion including schools, health centers, roads and vocational centers being funded by the trust fund.
It is worthy of mention that as part of its mandate to develop the country’s hydrocarbon, the Commission has recorded 306 development wells drilled and completed between 2022 to date. It has also removed hindrances to exploration with 2D and 3D Seismic Data with the issuance of Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.
Furthermore, the Commission has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of the country’s petroleum systems thereby reducing the uncertainties that once hindered exploration decisions.
Other data acquisition includes: 11,300 Sq.km of newly acquired 3D data, processed to PSDM and 80,000 Sq.km of Multibeam Echo Sounding & Seafloor Geochemical Coring data.
In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the Commission this has reduced by 90 per cent to specifically 9,600bpd in September 2025. Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting.
Even outside the shores of Nigeria, the engineer Gbenga Komolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF). AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present strong voice for Africa in hydrocarbon advocacy globally.

The Organisation of the Petroleum Exporting Countries+ (OPEC+) agreed to raise oil output from November by 137,000 barrels per day (bpd), opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut. The group comprising the OPEC plus Russia and some smaller producers has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5 per cent of global demand.
At the virtual meeting yesterday, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production.
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually yesterday to review global market conditions and outlook.
Available outcome of the meeting uploaded on the OPEC website shortly after the meeting and monitored by The Trust News, indicated that in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.
This adjustment will be implemented in November 2025. The 1.65 mbpd may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 mbpd announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 2 November 2025.
Brent prices fell below $65 per barrel on Friday, as most analysts predict a supply glut in the fourth quarter and in 2026 due to slower demand and rising U.S. supply. Prices are trading below this year’s peaks of $82 per barrel but above $60 per barrel seen in May.
In the run-up to the meeting, Russia and Saudi Arabia, the two biggest producers in the OPEC+ group, had different views. Russia was advocating for a modest output increase, the same as in October, to avoid pressuring oil prices and because it would struggle to raise output owing to sanctions over its war in Ukraine.
Saudi Arabia, on the other hand, would have preferred double, triple or even quadruple that figure – 274,000 bpd, 411,000 bpd or 548,000 bpd respectively – because it has spare capacity and wants to regain market share more quickly.
OPEC views the global economic outlook as steady and market fundamentals as healthy because of low oil inventories, it said in a statement on yesterday.
Consequently, it is expected that oil prices may rise today by up to $1 per barrel as the November production increase turned out to be modest.
“OPEC+ stepped carefully after witnessing how nervous the market had become … The group is walking a tightrope between maintaining stability and clawing back market share in a surplus environment,” said Rystad Energy said analyst, Jorge Leon.
OPEC+ output cuts had peaked in March, amounting to 5.85 million bpd in total. The cuts were made up of three elements: voluntary cuts of 2.2 million bpd, 1.65 million bpd by eight members and a further 2 million bpd by the whole group.
The eight producers plan to fully unwind one element of those cuts – 2.2 million bpd – by the end of September. For October, they started removing the second layer of 1.65 million bpd with the increase of 137,000 bpd.
The eight producers will meet again on November 2, 2025.

• Nigeria woos investors into oil, gas sector

The Federal Government has said recent divestments by International Oil Companies have added about 200,000 barrels per day to Nigeria’s crude production, boosting efforts to stabilise the sector.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this in Cape Town, South Africa, while delivering a keynote address on behalf of President Bola Tinubu at the Africa Energy Week.
“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” the minister said, noting that the divestments had already unlocked over $5.5bn in fresh investments within months.
Lokpobiri, in a statement issued by his special assistant on Media and Communication, Nneamaka Okafor, stressed that the Tinubu administration was committed to building a transparent, stable and investor-friendly petroleum sector to attract long-term capital.
Over the past three years, major IOCs such as Shell, ExxonMobil, and Chevron have been offloading their onshore and shallow-water assets as part of a global strategy to focus on deepwater operations.
Their exits have paved the way for indigenous firms like Seplat Energy, Oando, and Heirs Holdings to acquire significant stakes, boosting local participation and expanding Nigeria’s production base.
The statement read, “Of particular note were the recent asset divestments by International Oil Companies, which the Minister said have unlocked over $5.5 billion in Final Investment Decisions within months.
“These are not just transfers of assets; they are transfers of confidence, capability, and ownership. The divestments have already added approximately 200,000 barrels per day to national production.”
The Minister declared that Nigeria is “open for business” and actively pursuing policies that prioritise investment, efficiency, and long-term growth in the oil sector.
“This gathering is more than a conference, it is a call to action,” he said, stressing that Nigeria is ready not just to participate in the global energy market, but to lead reform and growth on the African continent.
Lokpobiri further outlined the bold policy measures implemented under Tinubu’s administration, particularly the Petroleum Industry Act, which provides a clear and predictable fiscal and regulatory environment for investors.
The PIA has laid the foundation for licensing transparency, host community engagement, strengthened regulatory oversight, and a fair contractual framework.
“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the Minister said.
The “Project One Million Barrels” initiative, launched by the Nigerian Upstream Petroleum Regulatory Commission in October 2024, has raised daily crude oil production to between 1.7 and 1.83 million barrels per day, with a notable increase of 300,000 barrels per day in July 2025 alone.
Additionally, the number of active drilling rigs has grown from 31 in January to 50 by July 2025, a clear signal that reforms are unlocking value across the sector.
In the broader African context, the minister urged the continent to retain more value from its hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains.
He noted that Africa spends over $120bn annually on hydrocarbons, largely through imports, calling it a missed opportunity for economic transformation.
He advocated for stronger intra-African collaboration and financing, emphasising that Africa holds nearly $4tn in domestic capital, including pension and insurance funds.
“The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent,” he said.
Addressing the topic of the global energy conversation, the minister called for balance and equity.
He insisted that the narrative must shift toward a diverse energy mix, not the abandonment of any resource.
“The focus should be on availability, accessibility, and affordability of all forms of energy,” he stressed.
He made it clear that Nigeria, like other nations, will continue to utilise its oil resources responsibly while building a diversified and sustainable energy base.
Lokpobiri reaffirmed Nigeria’s role as a leading energy player in Africa. “We are offering opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernises with purpose,” he declared. To global investors, he extended a direct invitation: “Come to Nigeria. Be part of the energy revolution.”
With strong reforms, ambitious targets, and an open-door policy, Nigeria is charting a bold path forward in Africa’s energy future.