The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced significant progress in attracting investments in Nigeria’s upstream oil and gas sector, as showcased at the recent Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summit.
This landmark event which was held in Lagos, brought together top government officials, investors, business leaders and key stakeholders to reaffirm the shared vision of enhancing energy security, accessibility, affordability, sustainability and economic viability as core elements of national growth and social prosperity.
The Commission Chief Executive (CCE), Engr. Gbenga Komolafe in his speech stated that under the leadership of President Bola Ahmed Tinubu, transformative reforms have reshaped Nigeria’s oil and gas sector, improving operational efficiency and global competitiveness. These reforms, he added, have significantly reduced contracting cycles from 36 months to just six months, unlocked strategic tax incentives for deepwater and frontier basin projects, and eliminated fiscal bottlenecks, resulting in over $16 billion in upstream investment commitments between 2023 and 2025.
He noted that major global energy companies, including Shell, TotalEnergies and Seplat, along with dynamic indigenous operators, have renewed and expanded their participation in Nigeria’s energy sector. Nigeria’s extensive hydrocarbon resources, which include 210.54 trillion cubic feet of natural gas — the largest in Africa — and 37.28 billion barrels of crude oil reserves, position the country as a prime destination for energy investment. Current production levels are approximately 1.75 million barrels of oil per day and seven billion standard cubic feet of gas per day, with ambitious goals to increase production to three million barrels of oil and 12 billion standard cubic feet of gas per day, respectively.
According to Engr. Komolafe, the Petroleum Industry Act (PIA) of 2021 has been crucial in establishing a clear, stable and investor-friendly regulatory framework. The NUPRC has implemented the Act by issuing 19 regulations and overseeing licensing, permits and compliance with a focus on transparency and efficiency.