Nigeria is making significant progress in its upstream petroleum sector despite global divestment pressures and the accelerating shift towards renewable energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Speaking at the closing ceremony of a two-day strategic media workshop for Energy Correspondents held in Lagos, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe said Nigeria’s upstream industry has entered a phase of measurable progress driven by a strengthened regulatory environment, improved investor confidence, and deliberate policy interventions by the Federal Government.
Komolafe represented by Mrs. Efemona Bassey, the Deputy Director of Human Resources, Corporate Services and Administration explained that even as global oil and gas investments continue to decline due to the global push for cleaner energy, Nigeria has is making steady progress through the implementation of the Petroleum Industry Act (PIA) 2021 and President Bola Ahmed Tinubu’s sweeping Executive Orders targeted at removing long-standing barriers to investment.
According to him, these reforms have begun to yield tangible results, with Nigeria’s daily crude oil production surpassing 1.7 million barrels per day (bpd) on several occasions in 2025 alone indicating the country’s ability to exceed its OPEC production quota.
“In the past ten months alone, the Commission has approved Field Development Plans worth approximately $20 billion, covering major assets expected to boost national reserves and production,” he said.
He disclosed that Nigeria’s rig count has risen to nearly 70 rigs, with over 40 actively drilling, one of the highest levels recorded in recent years.
The CCE disclosed that the Commission has set its sights on a far-reaching objective: achieving one million barrels per day in incremental production, beyond current output levels.
He said this ambition is aligned with national energy security goals and Nigeria’s long-term economic stability.
To accelerate this target, Komolafe further reiterated that the NUPRC would conduct a new oil and gas licensing round on December 1, 2025.
He emphasized that the forthcoming round will be “even more transparent and globally competitive” than the 2024 bid round, promising a process that will open new exploration frontiers, attract fresh investments, and ultimately strengthen Nigeria’s reserves base.
“Looking ahead, the NUPRC remains fully committed to the national aspiration of adding one million incremental barrels of oil per day to our daily production profile. To this end, the Commission will conduct another licensing round on December 1, 2025, one that we anticipate will be even more transparent and globally competitive than the 2024 round.
“This initiative is designed to open new frontiers, unlock fresh prospects and further strengthen our reserves base,” he added.
He stressed that the success of these reforms and investment drives is not determined by regulation alone but also by how the industry is portrayed to the world. According to him, the media plays a decisive role in shaping investor confidence, given the global sensitivity of the oil and gas sector to public perception.
Komolafe reaffirmed the Commission’s commitment to full transparency and open access to upstream data. He pointed to the Commission’s website, social media channels, and The Upstream Gaze, the NUPRC’s quarterly magazine, as platforms where stakeholders can access reliable information.
He assured that the various channels will continue to be strengthened to ensure the availability of up-to-date and verifiable industry data.