The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that it is implementing reforms to boost oil output and enhance energy efficiency in Nigeria.
The Commission’s Chief Executive Officer (CCE), Gbenga Komolafe, expressed confidence in the Commission’s plans, which include sustaining competitive licensing rounds, accelerating frontier basin exploration, and reactivating shut-in and dormant assets.
Speaking at the 50th Anniversary of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Komolafe noted that Nigeria, with 210.54 trillion cubic feet of gas reserves and 37.28 billion barrels of oil, currently produces about 1.8 million barrels of oil and 8 billion standard cubic feet of gas daily. He projected that production could rise to 3 million barrels of oil and 12 billion standard cubic feet of gas per day.
He stressed that achieving these goals requires consistent investment to unlock untapped basins, develop both mature and frontier fields, and build vital oil and gas infrastructure to secure future energy supply and meet growing population demands.
Komolafe highlighted that transformative reforms under the PIA, presidential executive orders, favorable policies, tax incentives, and infrastructure upgrades create vast opportunities in Nigeria’s upstream oil and gas sector.
He emphasized that Nigeria, with abundant natural resources and a large, skilled, youthful workforce, offers a competitive environment for both current investors and new entrants seeking opportunities in the energy sector.
He explained that new frontier opportunities exist in onshore, shallow water, and deep offshore blocks, particularly in underexplored basins, supported by the new licensing round framework.
He added that natural gas development also offers major opportunities, including gas-to-power projects, LNG and FLNG initiatives, and CNG infrastructure, all of which will strengthen exports and domestic supply.
He further pointed out that investors can tap into attractive green energy projects such as decarbonisation technologies, renewable energy, project financing, and technical services.
Acknowledging challenges such as infrastructure gaps and declining investment due to the global energy transition and environmental concerns, Komolafe argued that these obstacles are surmountable through sound strategies and strong collaboration among local and regional stakeholders.
He reiterated that NUPRC’s agenda focuses on sustaining licensing rounds, expanding frontier basin exploration, reactivating shut-in assets, advancing the 1MMBPD initiative, and expanding evacuation infrastructure to secure production.
He explained that the Commission is deploying the Advanced Cargo Declaration System to fight crude theft and improve export transparency, ensuring a steady crude supply to refineries, enforcing executive orders to enhance commercial viability, local participation, and operational efficiency, and promoting regional energy integration and social investment.
He added that the Commission is also implementing decarbonisation strategies, enabling carbon market participation, and expanding gas commercialization.
Delivering his keynote address on “Evolution of Oil and Gas Revolution in Nigeria: Opportunities, Achievements, and Regulatory Strategies for Upstream Resources Optimization,” Komolafe praised NAPE for five decades of achievements in advancing Nigeria’s oil and gas sector.
He commended NAPE for driving geoscientific excellence, advancing exploration, expanding industry knowledge, and connecting academia, government, and the energy sector. He described the golden jubilee as an opportunity to reaffirm commitment to a resilient and innovative energy future for Nigeria and Africa.
He noted that NAPE’s 50th anniversary is not only a celebration of its past but also a moment to chart a new course for the sector’s future. He stressed that regulatory reforms in the upstream sector have built a stronger, more transparent, and investor-ready energy landscape.
He urged stakeholders to deepen exploration and convert Nigeria’s resources into shared prosperity.
Komolafe, who received the “Corporate Partner Energy Policy Reform Award,” stated that reforms have already attracted new investors, strengthened policy clarity, and raised investment flows.
He confirmed that reserves and production have grown while rig counts jumped from 8 in 2021 to 43, with expectations to hit 50 by year-end. He concluded that this momentum signals a bold new phase for Nigeria’s oil and gas industry, marked by ambition, resilience, and opportunity.
source: www.thetidenewsonline.com
African Energy Council