The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled an ambitious strategy to unlock over 500 million barrels of crude oil from existing oil fields as part of efforts to boost national reserves and production capacity.
Speaking at the NOG Energy Week 2025 in Abuja, Engr. Gbenga Komolafe, Chief Executive of NUPRC, highlighted significant progress in Nigeria’s upstream sector. He said policy reforms under President Bola Ahmed Tinubu, including the Petroleum Industry Act (PIA) of 2021 and executive orders introduced in 2024, have already attracted $16 billion in capital investments over the past two years.
Key Highlights:
- Oil Reserves Update: As of December 31, 2024, Nigeria’s oil reserves stand at 37.28 billion barrels.
- Production Expansion: The Project One Million Barrels initiative aims to scale production from 1.46 million to 2.5 million barrels per day by 2026. As of now, output has risen to 1.7 million bpd.
- Rig Count Surge: Nigeria’s rig count has surged from 8 post-COVID to 44 rigs in 2025, signaling a strong resurgence in exploration and drilling.
Oil Sector Transformation Underway
Engr. Komolafe emphasized that reforms, including Executive Orders 40, 41, and 42, are driving investor confidence and streamlining contract execution timelines.
“Under President Tinubu, Nigeria is witnessing a historic transformation in the energy sector,” Komolafe said. “We’re reawakening dormant fields and enhancing operational efficiency.”
The Commission also approved 37 new evacuation routes to combat crude oil theft and bolster accountability. Enhanced collaboration with security agencies is underway to safeguard national assets.
Host Communities Receive N326 Billion
As part of the implementation of the Host Community Development Trusts (HCDTs) outlined in the PIA, 95 oil companies have remitted a total of N326 billion (approx. $1.5 billion) to 145 host community trusts.
“Through our HostComply platform, we’re ensuring transparency and delivering real benefits to oil-producing communities,” Komolafe added.
Push for Decarbonisation and Sustainability
NUPRC is also leading Nigeria’s push toward a greener oil sector through its Upstream Decarbonisation Framework. The initiative has attracted $1.5 billion in clean energy investments and incorporates carbon capture, emissions tracking, and climate finance mechanisms.
To mark this shift, March 18th has been officially declared as Nigeria’s Upstream Decarbonisation Day, following the Decarbonisation and Energy Sustainability Forum held in Abuja earlier this year.
“These aren’t just climate policies,” Komolafe stressed, “they are investment opportunities for inclusive growth.”
