The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has in the past 10 months given approval to major field development plan valued at about $20 billion.
The Commission said the milestones reflect the stability and renewed confidence in Nigeria’s upstream sector.
The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, while speaking at the close of a two day capacity building for energy journalists in Lagos on Tuesday, reaffirmed the Commission’s determination to go through another round oil licensing round on December 1, 2025,.
The CCE, who was represented by Efe Bassey, Deputy Director, described the upcoming exercise as a defining moment for the industry promising that to be more transparent, competitive, and investor-friendly than the 2024 bid round.
The overall objective is to open new frontiers and unlocking fresh opportunities for both local and international players.
“Our expectation is that this licensing round will be a turning point for Nigeria’s oil and gas industry. Everyone willing to participate will have the opportunity. The process will meet global standards as we work toward achieving the national aspiration of adding one million barrels of oil per day to our production profile,” he added.
Komolafe stressed that the media plays a decisive role in shaping investor perception, cautioning that inaccurate or sensational reporting could discourage potential investments.
He therefore urged journalists to maintain factual, contextual, and development-oriented reporting, placing national interest at the forefront.
“The oil and gas sector is highly sensitive to perception. Your reporting can either reassure investors or deter them. I urge the fourth estate to centre national interest in your work, especially as we compete globally for energy investments,” he said.
He reaffirmed NUPRC’s commitment to transparency, noting that the Commission consistently publishes data and updates on its website, social media platforms, and quarterly magazine.
Komolafe, called for deeper collaboration between the Commission and the media, emphasising that both institutions must continue to uphold openness and accountability in the pursuit of Nigeria’s economic growth.
He reaffirmed the Commission’s commitment to transparency, accountability, and sustained investment growth in Nigeria’s oil and gas sector.
He underscored the critical role of the media in national development, noting that the 1999 Constitution empowers journalists to uphold government accountability through free and responsible reporting.
He said that the Petroleum Industry Act (PIA) aligns with this mandate by directing the Commission to publish reports, data, and statistics on upstream operations.
“At the heart of both our missions—as the First Estate of the Realm and as a regulatory institution—is a shared commitment to openness, accountability, and service to the Nigerian people,” he said.
“This workshop was conceived to give you deeper, behind-the-scenes insight into the Commission’s activities and the dynamics of the upstream petroleum industry.”
Komolafe noted that over the past two years, NUPRC experts from exploration, development, production, acreage management, community relations, and economic regulation have provided extensive briefings to promote a clearer public understanding of the sector.
A major highlight of his address was the Commission’s update on Nigeria’s upstream performance.
He acknowledged the global decline in investments in fossil fuels as countries accelerate energy transition strategies, but insisted that Nigeria continues to record steady progress despite these headwinds.
According to him, reforms implemented under the PIA—combined with the support of President Bola Tinubu’s administration—have strengthened regulatory clarity and boosted investor confidence. He disclosed that the number of oil rigs in Nigeria has risen to nearly 70, with over 40 rigs active, while the Commission has approved several final investment decisions worth billions of dollars.
