NUPRC Generates N1.24bn from Oil Service Permits in Q1

In the first quarter of 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a revenue generation of N1.24 billion from the oil service permits, reflecting a resilient performance in Nigeria's upstream petroleum service industry. The Q1 2026 Upstream Service Industry Newsletter indicated that February was the highest earning month, contributing N574.1 million.

The revenue primarily stemmed from the Oil and Gas Industry Service Permit (OGISP) scheme, with specialized services accounting for about 90% of the total revenue. The NUPRC issued 49 Upstream Monitoring and Regulation (UMR) licenses and processed 7,942 OGISP permits during this period.

Rig activity remained stable, with 72 to 73 active rigs, and a total rig count increase of 22.6% compared to Q1 2025. The report emphasized that the moderation in permit volumes was due to normal regulatory cycles rather than a decline in industry activity.

Key policy reforms and consistent rig operations supported the sector's performance.