NUPRC @ 4: Commission Lists 16 High Impact Achievements Post-PIA

ABUJA
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has published a list of 16 high impact achievements, four years since its establishment.
  The Commission, in a statement by the head of Media and Strategic Communication, Eniola Akinkuotu, and made available to The Pioneer, Tuesday, called on Nigerians to take note of the myriad high impact achievements of the Commission in the last four years despite the legacy challenges it inherited from the pre-Petroleum Industry Act era.
The NUPRC said the oil industry is a fact-based industry with clear metrics for adjudging performance and outlined some of its high impact achievements such as exceeding revenue targets; Potential investment of $39.98 billion from Field Development Plans; Increased crude oil production; Transparent bid rounds; Drill or Drop; Rising rig count; Billions of divestments; Developed regulations; Gas flare commercialisation; Overallbest performing parastatal – SERVICOM; HCDTs Remits N358.67 billion; Over 536 ongoing community projects; Development Wells hits 306 between 2022-2025; Removing hindrances to exploration with 2D and 3D Seismic Data; Curbing crude oil theft and; Leading AFRIPERF.
On Exceeding revenue targets, the Commission indicated that in 2022, 2023 and 2024, the Commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent respectively despite fluctuations in oil production and prices thus contributing largely to our nation’s economic growth.
   Others were: Potential investment of $39.98 billion from Field Development Plans, noting that between 2024 and 2025, the Commission has approved 79 Field Development Plans (FDP) (41 in 2024 and 38 YTD 2025 with potential investment of $39.98bn. This comprises $20.55bn in 2024 and $19.43bn in YTD 2025; Increased crude oil production, hinting that since inception of the Commission, crude oil production has increased with current average daily production of 1.65Mbopd expected to increase further with the Project 1 Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.
On transparent bid rounds, the Commission said, prior to the establishment of the Commission, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility. However, the NUPRC, with the support of President Bola Tinubu, transformed the process to be fully digital thereby enhancing transparency and credibility. It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).
On drill or drop, the statement said the Commission, in line with the PIA, 2021 and with the support of President Bola Tinubu, is implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished. This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
Also, the NUPRC said as a testament to the renewed vigour in Nigeria’s upstream oil and gas sector, the rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025. The latest rig count of 69 which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years. The number is expected to increase even further in the coming months. This shows a renewed investor confidence in Nigeria. The success aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC.
On billions of divestments, it noted that the Commission approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development.
“To give meaning to the intent of the PIA, 2021, the Commission in consultation with stakeholders has developed 24 forward-thinking Regulations. So far 19 have been gazetted while 5 await gazetting. These forward-thinking Regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices.
“The NUPRC completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP). The programme is aimed at eliminating gas flaring and attracting at least 2.5 billion dollars in investments.
“In 2024, the Commission secured the 2024 Overall Best Performing Parastatal SERVICOM Unit (PSU) Award, along with the 2024 Best Performing PSU, Team B Award, a testament to the NUPRC’s commitment to customer service. The NUPRC has again won best Regulator, 2025 by Nigerian Energy Correspondents aside over 60 awards from various organisations.
“Host Community Development Trusts have remitted N122.34bn in naira, while dollar contributions stand at over $168.91m as of October 2025. This translates to a combined remittance of over N358.67bn based on the prevalent exchange rate in enthroning a conducive host community environment in Nigeria. Still on host community, the NUPRC is overseeing at least 536 projects at various stages of completion including schools, health centers, roads and vocational centers. These are being funded by the trust fund. The achievement has tremendously curbed crude oil theft”, the statement added.
   It hinted that as part of its mandate to develop the country’s hydrocarbon, the Commission has recorded 306 development wells drilled and completed between 2022 to date; while the NUPRC Issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data. Furthermore, the Commission has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions. Other data acquisition includes: 11,300 Sq.km of newly acquired 3D data, processed to PSDM and 80,000 Sq.km of Multibeam Echo Sounding & Seafloor Geochemical Coring data.
“In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the Commission this has reduced by 90% to specifically 9,600bpd in September 2025. Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting.
“Even outside the shores of Nigeria, the Engr Gbenga Komolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF). The last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by Sixteen African Countries namely: Nigeria, Ghana, Somalia, Gambia Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco and Mauritania. AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present strong voice for Africa in hydrocarbon advocacy globally.