… Targets 40billion barrels of crude, 220tcf gas
… To unveil regulatory framework for decarbonization in upstream sector
By Yahaya Umar
Commission Chief Executive ,CCE, of the Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, Engr. Gbenga Komolafe has revealed plans to raise Nigeria’s crude oil and gas reserves by commencing an annual oil block licensing.
The CCE disclosed this on Wednesday at the Nigeria International Energy Summit.
The NUPRC boss spoke on the ‘Imperative of Regulatory Efficacy in Optimisation of Upstream Activities.’
The Nigerian oil and gas industry accounts for 95% of foreign exchange earnings and 70% of government revenue.
Komolafe said the NUPRC as a regulator has been visionary, predictable, transparent, innovative and business-enabling to sustain government revenues.
The CCE said, “Our achievements speak for themselves: between 2023 and 2024, oil reserves increased by 1.43%, reaching 37.5 billion barrels, while gas reserves grew by 0.21%, reaching 209.26 trillion cubic feet.
“Rig count increased from 8 in 2021 to 40 in 2025 and is projected to reach 50 before year-end, while production increased by 70% from 1 million bopd in 2021 to the current production of circa 1.75 million bopd”.
To deliver higher crude oil reserves by the end of 2025, the NUPRC boss said the Commission has awarded 27 Petroleum Prospecting Licenses ,PPLs, across various terrains. Another strategy the commission is planning is to adopt an annual licensing round.
The CCE said, “In pursuit of our goal to reach 40 billion barrels of oil and 220 trillion cubic feet of gas, we have vigorously pursued strategies to stimulate exploration activities and accelerate development.
“As part of these efforts, the commission successfully completed the 2022/2024 bid licensing round and awarded twenty-seven (27) Petroleum Prospecting Licenses ,PPLs, across various terrains.
“Efforts are also on for the 2025 bid round, embracing a new paradigm of annual licensing rounds”.
He disclosed that the regulator has been acquiring high-quality geological and geophysical data through multi-client service arrangements.
Indeed, NUPRC has provided and will continue to provide regulatory support in advancing Nigeria’s upstream oil and gas success.
Komolafe assured that the NUPRC’s efforts to eliminate investment barriers, streamline regulatory transparency and foster investment roadshows have strengthened investor confidence.
He said the NUPRC has firmly re-established Nigeria as a dominant force in the global energy market.
Komolafe said, “Through clear policies and competitive frameworks, we are attracting both local and international investments.
“We are also fostering innovation, advancing automation, digital oilfields and Enhanced Oil Recovery ,EOR, to drive sustainability, as well as supporting local content and technology localization”.
He disclosed further that the regulator is committed to enriching domestic gas utilisation and expanding gas infrastructure to meet Nigeria’s growing energy demands.
As part of moves to deepen gas utilisation, Komolafe said NUPRC will ensure that “every Field Development Plan ,FDP, includes a firm commitment to fulfilling gas delivery obligations and increasing gas supply to the domestic market to meet rising local demand.
“As part of our forward-looking plan to advance deepwater development, we will promote the creation of deepwater clusters, fostering synergies in facility use to unlock the vast potential of Nigeria’s deepwater resources while reducing costs and leveraging economies of scale.
He said NUPRC will release its decarbonisation framework in line with global decarbonization goals.
He announced, “The commission is organizing the first Nigeria Upstream Oil and Gas Decarbonization Forum next month, where we will present our governance and regulatory framework for decarbonization in the Nigerian upstream sector”.
