NUPRC @ 4: $40bn projects, record rig count, N358bn for host communities

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has celebrated its fourth anniversary with an impressive report of industry growth, highlighting $40 billion worth of new oil projects, a record surge in rig activity, improved revenue generation, and a sharp decline in oil theft.

In a statement on Sunday, the Commission said the reforms and initiatives implemented since its creation under the Petroleum Industry Act (PIA) in 2021 have repositioned Nigeria’s oil and gas sector for sustainable growth.

According to NUPRC, Nigeria’s active rig count has climbed from just eight in 2021 to 69 as of October 2025, with 40 currently operational — a development it says reflects renewed investor confidence and aligns with President Bola Tinubu’s assurance that “Nigeria is open for business.”

Between 2024 and 2025, the Commission approved 79 Field Development Plans valued at nearly $40 billion, aimed at boosting exploration and expanding reserves.

Crude oil production now averages 1.65 million barrels per day, with a target of 2.5 million barrels per day by 2027 under its “Project 1mbopd” initiative.

Revenue performance has also shown steady improvement, exceeding targets by 18 percent in 2022, 15 percent in 2023, and a remarkable 84 percent in 2024.

The agency reported significant progress in curbing oil theft, noting that daily losses have dropped from 103,000 barrels in 2021 to 9,600 barrels as of September 2025 — a 90 percent reduction attributed to stronger oversight and coordinated security efforts.

Another key highlight is the implementation of the Host Community Development Trust, through which over ₦358 billion has been remitted by oil companies into dedicated community funds.

The initiative is already financing more than 500 infrastructure projects, including schools, health centres, and roads in oil-producing regions.

NUPRC also pointed to major regulatory milestones, including the digitalisation of licensing rounds, which has enhanced transparency and earned commendation from the Nigeria Extractive Industries Transparency Initiative (NEITI).

Other reforms include the “Drill or Drop” policy mandating development of idle assets, the approval of major divestments by Shell, Mobil, and Equinor, and the introduction of 19 new regulations to strengthen Nigeria’s investment climate.

In the gas sector, the Commission launched the Nigerian Gas Flare Commercialisation Programme to attract $2.5 billion in investments and eliminate routine gas flaring.

On the continental front, NUPRC said it is championing regional cooperation through the African Petroleum Regulators Forum, which now includes 16 countries working to harmonise energy regulation across Africa.

The Commission reaffirmed its commitment to deepening reforms under the Petroleum Industry Act, promising to further boost production, attract global investments, and ensure oil-producing communities benefit more equitably from Nigeria’s natural resources.