NUPRC Aims to Restore 788,000bpd Oil Production Output

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has prioritized the restoration of over 788,000 barrels per day of shut-in oil production, alongside advancing offshore projects valued between $30 billion and $50 billion to final investment decisions. CEO Oritsemeyiwa Eyesan announced these initiatives during the Commission's fifth anniversary ceremony in Abuja.

She emphasized the importance of regular and predictable licensing and the need for full compliance in domestic gas delivery. The Nigeria 2026 Licensing Round was launched, offering 40 blocks across various terrains to qualified investors.

Guidelines for the licensing round were developed in consultation with the Nigeria Extractive Industries Transparency Initiative (NEITI) and will ensure transparency in the bidding process. The event, themed “From Uncertainty to Stability: Unlocking the Next Phase of Investment,” was attended by notable figures, including President Bola Tinubu, represented by Vice President Kashim Shettima, and other key stakeholders in the oil and gas sector.