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Nigerian oil and gas regulators have announced large profits in the upstream sector, quoting a surge of 762 percent in RIG activities, nearly $ 40 billion in new projects, and Tengara reforms driven by the Oil Industry Law (PIA).
The Nigerian Hulu Oil Regulation Commission (NUPRC), in a statement issued on Sunday by the Head of Media and Strategic Communication, Eniola Akintuotu, said investor confidence had been restored through transparency and decisive enforcement steps.
“As proof of the new forces in the Nigerian upstream oil and gas sector, the number of rigs rose geometrically from eight in 2021 to 69 on October 2, 2025. The latest number of rigs from 69, consisting of 40 active rigs, 8 years. 5. 5. 5 years. 5 years, 4 years.
He noted that the momentum reflects the accusation of President Tinubu Bola that “Nigeria is ready for business and that the right investment climate is now in the upstream of Nigeria, as followed by NUPRC.”
The agency said that the collection of income consistently defeated the target, exceeding the benchmarks in 2022, 2023, and 2024 each by 18.3 percent, 14.65 percent, and 84.2 percent. Between 2024 and 2025, he approved 79 field development plans worth $ 39.98 billion, opening the inflow of fresh capital and drilling campaigns.
The average coarse production has risen to 1.65 million barrels per day, with the “1MBOPD Project” initiative which is expected to increase output to 2.5 million barrels every day in 2027. “Between 2024 and 2025, the commission has approved 79 field development plans … with a potential investment of $ 39.98 billion,” Akinkuotu.
The commission also highlighted the reforms to the license round, saying they were fully digital to curb political interference. “Before the formation of the commission, the license round was not clear … However, NUPRC, with the support of the President of the Tinubu Bola, changed the process to be fully digital, thereby increasing transparency and credibility,” he said.
Other achievements include:
– Enforcement of the “drill or drop” policy that forces operators to act in 400 inactive fields.
-The pleasure of divestment of billions of dollars by multinational companies including shell, cars, and equinors.
– Developing 19 new regulations to encourage investor transparency and trust.
– 90 percent cutting in crude oil theft, from 102,900 barrels per day in 2021 to 9,600 in September 2025.
-The launch of the Host Community Development Trustees, with ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦ ₦
Also read: ADC Slamming Tinubu Because of insecurity, said the President failed as the Supreme Commander
The Commission also revealed that the Suar Gas site has been successfully given under the commercialization program of Nigeria Flare Gas, which is projected to attract at least $ 2.5 billion in investment.
“This achievement has greatly reduced theft of crude oil … Furthermore, two pioneering regulations … have contributed as pioneering efforts to achieve transparency in hydrocarbon accounting,” the statement added.
In the continental stage, NUPRC said that he had pioneered the African oil regulator forum, now involving 16 countries, to harmonize policies and strengthen African energy.
Concluding, the commission led by Gbenga Komolafe said: “NUPRC continues to show leadership and provide mechanism regulators to harmonize oil and gas development policies to facilitate the development of cross -border infrastructure, fiscal benchmark and present strong votes to Africa in the global hydrocarbon advocacy.”
