The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set ambitious targets to expand the country’s hydrocarbon reserves, aiming for 40 billion barrels of oil and 220 trillion cubic feet of gas.
Speaking at the Nigeria International Energy Summit (NIES) in Abuja, NUPRC Managing Director and CEO, Engr. Gbenga Komolafe, highlighted the sector’s progress, with oil production rising by 70% from 1 million barrels per day (bpd) in 2021 to 1.75 million bpd in 2024.
He also noted that Nigeria’s rig count has increased from 8 in 2021 to 40 in 2025, with projections to reach 50 by year-end.
Komolafe emphasised that the oil and gas sector remains the backbone of Nigeria’s economy, contributing 95% of foreign exchange earnings and 70% of government revenue.
He underscored the role of NUPRC’s strategic regulatory interventions in driving investment, optimizing production, and enhancing local content.
The Commission recently completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses (PPLs), and is preparing for the 2025 bid round under a new annual licensing framework.
As Nigeria seeks to solidify its position as a global energy leader, NUPRC remains committed to sustainable development, regulatory transparency, and fostering a resilient oil and gas sector for long-term economic growth.
