Category: Business

In order to attain its project one million barrels initiative launched in 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it reactivated dormant fields, fast-tracking regulatory approvals, and enhancing operational efficiencies across the upstream value chain to ramp up production.

The Commission Chief Executive (CCE), Gbenga Komolafe, who made the remark during the maiden conference of the Energy Correspondents Association of Nigeria (ECAN) yesterday in Abuja, said with a clear target of increasing production to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7 – 1.83 million bpd.

He said there are new frontier opportunities in onshore, shallow water, and deep offshore blocks, especially in underexplored basins, enabled by its new licensing rounds regime.

His words, “There are also other vast and compelling transformative opportunities, particularly in natural gas development, gas-to-power initiatives, Liquefied Natural Gas (LNG) projects, FLNGs and Compressed Natural Gas (CNG) transportation infrastructure, aimed at enhancing both export capacity and domestic energy supply.”

He said the commission has given approval of 37 new evacuation routes, coupled with intensified collaboration with national security agencies, has significantly curtailed crude theft and enhanced accountability across the industry.

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“At the same time, the enforcement of the Domestic Crude Supply Obligation (DCSO) is securing consistent feedstock to local refineries, strengthening Nigeria’s internal supply chains, and building long-term economic resilience. On the socio-developmental front, the Host Community Development Trust (HCDT) framework, fully operational via our HostComply digital platform, has created unprecedented transparency and direct community impact, fostering trust, reducing conflict, and reinforcing social licence to operate. Our broader digital transformation agenda is also reshaping regulatory engagement: streamlining approvals, improving investor clarity, and delivering faster and smarter oversight.”

He stated that while hydrocarbons continue to generate nearly 90% of Nigeria’s foreign exchange earnings and 70% of government revenue, he said its long-term viability of the energy sector depends on aligning growth with climate responsibility.

“Our gas-centric energy transition strategy is a cornerstone of this effort, anchored by flagship initiatives such as the Decade of Gas, the Nigerian Gas Flare Commercialisation Programme (NGFCP), and the Presidential CNG Initiative. These programmes collectively aim to eliminate routine gas flaring by 2030 and reduce methane emissions by 60% by 2031.”

“In parallel, we are working collaboratively with industry stakeholders to fully monetize Nigeria’s abundant gas resources through strategic LNG expansion, deployment of floating production solutions, and the development of cross-border pipelines designed not only to power Nigeria’s economy but to accelerate Africa’s broader industrialisation. Beyond infrastructure, the NUPRC is also championing the creation of a transparent, competitive, and investor-friendly gas market, unlocking the commercial potential of an estimated 600+ trillion cubic feet of gas resources (upward potential) and positioning Nigeria as a central hub in the global energy transition.”

The net-zero ambition is also anchored on Nigeria’s Upstream Decarbonisation Framework and Blueprint, designed by the Commission to integrate emissions monitoring, MRV systems, carbon capture and storage, and access to climate finance via carbon markets. In doing so, we are enabling emissions reduction to generate value through a burgeoning carbon services ecosystem: comprising monitoring technologies, advisory services, and advanced deployment tools, while upholding the highest standards of environmental and asset integrity.

Earlier, the chairman of ECAN, John Ofikhenua, said the theme of the conference, ‘Four Years of the Petroleum Industry Act (PIA): Achievements, Gaps and the Way Ahead,’ is both timely and thought-provoking.

“Four years on, it is right that we pause to ask: How far have we come? What has changed? And what must we still do to make the promise of the PIA a living reality for all Nigerians? As one who has covered this sector for many years, I cannot forget the long and torturous journey that brought us here. For over two decades, we reported the hopes, frustrations, and sheer resilience of stakeholders who yearned for reform. We chronicled the endless back-and-forth of the Petroleum Industry Bill — its drafts, its withdrawals, its controversies, and its rebirth as the PIA.”

He said the passage of the Act was no accident but a triumph of persistence — a product of the vision and hard work of men and women like the late Dr. Rilwanu Lukman, Dr. Emmanuel Egbogah, and many others who laboured behind the scenes from the days of the Oil and Gas Sector Reform Implementation Committee.

“Those of us who were there remember the uncertainty that once defined the sector — when decisions were made by discretion rather than law; when even ministers lamented that their hands were tied. We remember how former Petroleum Minister, Odein Ajumogobia, eager to deliver results, was accused of jumping ahead of legislation — a reflection of just how paralyzed the system had become. And who among us can forget those long, frustrating queues at filling stations — symbols of a broken framework and an outdated policy regime?”

On his part, the Minister of Petroleum Gas said the event is both timely and commendable, as it also provides an essential platform to reflect on the progress made since the enactment of the Petroleum Industry Act four years ago.

“The PIA remains a landmark legislation that has redefined the governance, fiscal, and operational frameworks of Nigeria’s oil and gas industry.”