FG approved oil field development plans worth $20bn in last 10 months, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission(NUPRC) says the government approved oil field development plans (FIDs) worthabout $20 billion in the last 10 months. Gbenga Komolafe, chief executive officer (CEO), NUPRC, spokeon Tuesday in Lagos during a media training programme organised by thecommission. Represented by Efemona Bassey, deputy director of humanresources, corporate services and administration, Komolafe noted that theapprovals come despite a global downturn in oil and gas investments. “Final Investment Decisions valued in billions of dollarshave been taken, and within the last 10 months, we have approved FieldDevelopment Plans worth approximately $20 billion,” Komolafe said. He said one central takeaway from the engagements is that,globally, investments in oil and gas are declining as countries intensify theshift towards cleaner energy. “Despite this global headwind, Nigeria has continued torecord steady, measurable progress in the upstream sector,” Komolafe said. “This has been driven by the Commission’s regulatoryinstruments developed under the PIA and further reinforced by President BolaAhmed Tinubu’s far-reaching Executive Orders. “Accordingly, this year alone, Nigeria’s daily crude oilproduction has, on multiple occasions, exceeded 1.7 million barrels per day,demonstrating our capacity to surpass OPEC targets.” The NUPRC CEO added that Nigeria’s rig count has increasedto nearly 70, with over 40 rigs active. “Looking ahead, the NUPRC remains fully committed to thenational aspiration of adding one million incremental barrels of oil per day toour daily production profile,” he said. “To this end, the Commission will conduct another licensinground on December 1, 2025, one that we anticipate will be even more transparentand globally competitive than the 2024 round.” The NUPRC CEO said the initiative is designed to “open newfrontiers, unlock fresh prospects and further strengthen our reserves base”.

Read More