FG endorsed $20bn oil field projects in last 10 months – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has announced that the federal government has cleared oil field development projects valued at roughly $20 billion over the past ten months.

The disclosure was made by Gbenga Komolafe, chief executive officer of the NUPRC, during a media training session held on Tuesday, November 18, in Lagos.

Komolafe was represented at the event by Efemona Bassey, deputy director of human resources, corporate services and administration.

Despite a global drop in capital inflows into the oil and gas sector, Komolafe said Nigeria has managed to sustain significant investment momentum.

“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.

He highlighted that one recurring theme from stakeholder engagements is the continued decline in global investments as countries prioritize cleaner and renewable energy sources.

“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.

“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.”

Komolafe noted that Nigeria’s rig count has risen to almost 70, with more than 40 rigs currently operational.

Looking ahead, he said the commission remains focused on helping the country achieve its target of adding one million barrels per day to national crude output.

“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.”

He added that the forthcoming licensing exercise is expected to expand exploration opportunities, deepen prospects, and bolster the nation’s hydrocarbon reserves.