• ’Executive Orders attracted $16b investment’
From the eight crude oil rigs in 2020 of COVID 19 days, the Nigerian crude oil rigs have now risen to 44, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said.
Its CEO, Engr. Gbenga Komolafe made this known yesterday in his presentation titled: “Positioning Nigeria’s Upstream Oil & Gas for Energy Security, Sustainability and Economic Resilience.”
It was all at the ongoing Nigerian Oil & Gas Energy Week Conference & Exhibition (24th NOG Energy Week) 2025 Bola Tinubu International Conference Centre, Abuja.
“From eight rigs in COVID time we have now moved to 44 rigs today,” he said.
Komolafe said under the decisive leadership of President Bola Ahmed Tinubu, Nigeria is undergoing a historic energy sector transformation.
The Petroleum Industry Act (PIA) of 2021, he said laid the foundation for this reform.
According to him, the Executive Orders President Bola Ahmed Tinubu mandated in the last two years have attracted over $16 billion.
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“The 2024 Executive Orders: 40 on fiscal incentives, 41 on local content, and 42 on cost efficiency and contract timelines, have catalyzed massive investment inflows. Over $16 billion has been committed in just two years,” he said.
Komolafe said through the Project One Million Barrels initiative, the NUPRC is scaling up Nigeria’s production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies etc.
He recalled that launched in 2024, the initiative targets an increase from 1.46 million to 2.5 million barrels per day by 2026.
The NUPRC boss said with 1.7 million bpd already achieved, the strategy is yielding results.
Protection of assets, according to him, is also paramount.
He stressed that with 37 new evacuation routes approved and working closely with security agencies, NUPRC is curbing theft and boosting accountability.
Komolafe said the drive on Domestic Crude Supply Obligation is guaranteeing feedstock for local refineries, strengthening domestic supply chains.
He said the NUPRC has been complying with the host community obligations.
“On the social front, our HostComply platform has brought transparency, real and measurable benefits to oil-producing communities, fostering peace and social license to operate.
“At the same time, our full-scale digitisation efforts are transforming regulatory oversight, delivering speed, efficiency, and clarity to investors,” he said.
Speaking on international basis, he said oil and gas have continued to supply over 50per cent of global energy needs, a figure expected to hold through 2050.
Alluding to the IEF and S&P, he said sustaining this demand will require $640 billion in annual upstream investment through 2030, over $4 trillion cumulatively.
Komolafe however warned that “Failure to meet this demand will threaten global stability.
“Let it be said: the global demand remains strong. Nigeria and Africa cannot afford to ignore this.”