NUPRC Chief Reveals $18bn Investments in Nigerian Oil & Gas Sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Engr Gbenga Komolafe, revealed that the oil and gas sector attracted $18 billion in investments within 9 months due to competitive reforms. This led to 28 Field Development Plans and a commitment to unlock billions of barrels of oil and TCF of gas production.

The reforms are in line with the Petroleum Industry Act 2021, aiming to boost Nigeria's crude oil production to 3 million barrels per day. The NUPRC has introduced 24 transformative regulations to operationalize key provisions and ensure transparent licensing rounds.

President Bola Tinubu expressed optimism about Nigeria's energy sector under the new regime. The reforms are expected to enhance governance, fiscal discipline, and institutional realignment in the sector.