NEWS AGENCY OF NIGERIA
Oil & Gas

Nigeria’s rig count to reach 50 by end of 2025 – NUPRC

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By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s rig count will hit 50 by the end of 2025.

It said the country’s rig count had increased from eight in 2021 to 40 in 2025.

The Chief Executive, NUPRC, Gbenga Komolafe said this on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit (NIES).

Komolafe said crude oil production increased by 70 per cent from one million barrels per day (bopd) in 2021 to the current production of 1.75 million bopd.

He recalled that between 2023 and 2024, oil reserves increased by 1.43 per cent, reaching 37.5 billion barrels, while gas reserves grew by 0.21 per cent, reaching 209.26 trillion cubic feet.

According to Komolefe, these accomplishments are not just numbers but are parameters for measuring vibrancy in the industry driven by effective regulatory policies.

He said in pursuit of its goal to reach 40 billion barrels of oil and 220 trillion cubic feet of gas, it had vigorously pursued strategies to stimulate exploration activities and accelerate development.

As part of these efforts, he said the commission successfully completed the 2022/2024 bid licensing round and awarded 27 Petroleum Prospecting Licenses (PPLs) across various terrains.

He said efforts were also on for the 2025 bid round, embracing a new paradigm of annual licensing rounds.

“At this point, it is worth highlighting that the Commission has deliberately been acquiring high-quality geological and geophysical data through multi-client service arrangements.

“The commission also ensures access to the data for enhanced value especially during licensing rounds and other transformative deals.

“This proactive approach empowers informed decision-making and fuels strategic investments that will shape the future of Nigeria’s oil and gas sector for shared prosperity,’’ he said.

Speaking on optimising production and bridging the gap, Komolafe said Nigeria’s vast oil reserves presented a remarkable opportunity for growth and economic transformation.

“While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd.

“The commission is working assiduously to bridge the gap between the actual production and the potential through actions aimed at improving transparency, driving collaboration with E&P companies, ensuring financial viability and fast-tracking field developments.

“It is also adopting cutting-edge improved oil recovery technologies, reducing costs, eliminating entry barriers and optimising production,’’ he said.

He said its efforts to reactivate shut-in wells and leverage low hanging fruits opportunities will bring them closer to the actualisation of the Project one MMbopd additional production target it recently inaugurated. (NAN)

Edited by Rabiu Sani-Ali

Economy/Business

Nigeria’s gas flare commercialisation programme to unlock $2.5bn investment – NUPRC

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By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the Nigeria Gas Flare Commercialisation Programme (NGFCP) has the potential to unlock 2.5 billion dollars investment in oil and gas sector.

The commission is also set to hold its first Nigeria Upstream Oil and Gas Decarbonisation Forum in March, to align its upstream operations with global decarbonisation goals and carbon monetisation.

Gbenga Komolafe, the Chief Executive, NUPRC, stated this during the African Upstream Forum at the ongoing 2025 Nigeria International Energy Summit (NIES), on Wednesday in Abuja.

Komolafe, who spoke in a session entitled: “Imperative of Regulatory Efficacy in Optimisation of Upstream Activities,’’ said the NUPRC stood as a powerful catalyst for the growth, sustainability, and global competitiveness of the sector.

He said the gas flare commercialisation programme would also generate huge revenue and create significant number of jobs.

“As the global focus shifts toward a low- carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities.

“Key actions include: Managing methane and GHG emissions; fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS) and Enforcing Environmental Social and Governance (ESG) goals,’’ he said.

He said the industry was contributing 95 per cent of foreign exchange earnings and 70 per cent to government revenue, unlocking employment opportunities, and positioning Nigeria as a formidable leader in the global energy arena.

“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation.

“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthening the nation’s energy security,’’ he said.

Komolafe said the commission was also committed to enriching domestic gas utilisation and expanding gas infrastructure to meet Nigeria’s growing energy demands.

The commission, he said would ensure that every Field Development Plan (FDP) included a firm commitment to fulfilling gas delivery obligations and increasing gas supply to the domestic market to meet rising local demand.

“As part of our plan to advance deep-water development, we will promote the creation of deep-water clusters, fostering synergies in facility use to unlock the vast potential of Nigeria’s deep-water resources, while reducing costs and leveraging economies of scale,’’ he said.

He said the commission was set to hold the maiden Nigeria Upstream Oil and Gas Decarbonisation Forum in March, 2025, adding that it would present its governance and regulatory framework for decarbonisation in the Nigerian upstream sector at the forum.

“This forum will provide a platform for key stakeholders to engage in meaningful discussions on decarbonisation and carbon monetisation, while allowing regulators, agencies, and companies across the globe to share their valuable insights and experiences.

“Nigeria’s success in the upstream oil and gas sector is anchored on a predictable and enabling regulatory environment.

“Through regulatory excellence, collaboration, and visionary planning, NUPRC is poised to guide Nigeria toward a future defined by energy security, economic growth, and environmental responsibility,’’ he said. (NAN)(www.nannews.ng)

Edited by Rabiu Sani-Ali

Oil & Gas

2025 budget predicated on 2m barrels crude oil production – Komolafe

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By Emmanuella Anokam

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 budget is predicated on 2.062 million barrels crude oil production at 75 dollars per barrel.
Nigeria’s current production is averaging 1.7 million barrels leaving a deficit of about 350,000 barrels to be bridged.
Mr Gbenga Komolafe, Commission Chief Executive, NUPRC made this known on Thursday in Abuja at the inaugural Petroleum Industry Stakeholders’ Forum organised by the Ministry of Petroleum Resources.
Komolafe said in order to avert the budget deficit and revenue gap, the commission inaugurated the “Project One Million Barrel per Day Incremental Production Initiative” during its third year anniversary in 2024.
This initiative, he said, entailed that every player within the upstream value chain could operate in one-stop shop economic system as against operating in silos thereby failing to leverage optimum capability and economic of scale.
He said the Commission had developed a template to identify the “Needs“ of every player within the value chain with a view to meeting the gaps arising from the needs of each player which could be met by another player.
“This is expected to create synergy, networking and leveraging on the capabilities of every player within the value chain.
“The Commission in 2024 set an agenda for the industry through the rolling out of Regulatory Action Plan (RAP) focused on regulatory predictability, future licencing rounds policy and implementation, among others.
“The Commercial Bid Conference for the 2024 Bid Round was conducted December 2024, where winning and reserve bidders emerged for each block on offer.
“The conference was conducted real-time online via technology adoption in the presence of representatives from the Ministry of Petroleum Resources, Ministry of Finance, Nigeria Extractive Industries Transparency Initiative (NEITI), and the General Public,” he said.
The bid round, he said, was in accordance with the provisions of Section 74 of the Petroleum Industry Act (PIA 2021) to ensure an open, transparent, and competitive bid process as provisioned in Section 73(1)(a) of the PIA.
He said the adoption of a real-time online Commercial Bid Conference which was the first of its kind in the nation’s over 70 years in exploration and production history was to entrench transparency and attract investor’s confidence.
He said in line with boosting Nigeria’s aspiration of becoming the energy hub of the continent, the NUPRC, through the National Data Repository (NDR) had provided a building to host the Africa Energy Bank (AEB) Headquarters in Abuja.
The gesture, he said, would fast-track the operationalisation of the bank, which would dovetail into job creation and oil and gas business financial support.
He said the upstream sector experienced growth in the national oil and gas reserves by 1.45 per cent and 0.206 per cent respectively in 2024.
According to Komolafe, the active rig count increased from an average of eight in 2021 to 38 currently, representing 79 per cent growth.
He said with effective collaboration with the security agencies, the theft and deferment had reduced drastically by more than 40 per cent in 2024.
Komolafe, however, lauded the ministers of state petroleum resources oil and gas for their leadership in steering the industry growth at this period when the economy is focusing on the oil sector to bridge production gap to fund the 2025 budget.
The News Agency of Nigeria (NAN) reports that the forum offers the stakeholders an opportunity for broad assessment of the industry, identifying challenges and brainstorming, with a view to proffering solutions for sustainable  development in the sector. (NAN)(www.nannews.ng)
Edited by Maureen Atuonwu
Economy/Business

NUPRC boss seeks transparency, collective action to tackle corruption in oil, gas sector

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By Lucy Ogalue

Mr Gbenga Komolafe, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called for unwavering commitment to eradicate corruption, particularly in Nigeria’s vital oil and gas sector.

Komolafe made the call  at a workshop organised by the commission to mark the International Anti-corruption Day on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the event is “United Against Corruption: Building Integrity for a Sustainable Future.”

Komolafe described the consequences of corruption, as a significant threat to the nation’s development and equity.

“Corruption deprives citizens of essential services, discourages investments, and erodes trust in public institutions, thus the importance of safeguarding the upstream petroleum industry.

He outlined transformative measures implemented by the NUPRC, such as the Oil and Gas Industry Service Permit (OGISP) portal, competitive bidding for petroleum licenses, and the HostComply platform, which have strengthened transparency and governance.

Komolafe praised the Anti-Corruption and Transparency Unit (ACTU) of the NUPRC for fostering a culture of integrity through awareness campaigns, system reviews, and whistleblowing mechanisms.

“These efforts have not only enhanced investor confidence but have also increased revenue inflows to the Federation Account,” he said.

Komolafe emphasised the importance of leadership in combating corruption, urging stakeholders, including government agencies, industry operators, and civil society, to unite in the fight against the menace.

“We must collectively ensure that Nigeria’s oil and gas resources become a blessing for all, not a privilege for a few. I urge Nigerians to embrace transparency as a personal and collective creed,’’ he said.

The NUPRC boss during the event recognised some outstanding staff members of the commission that had shown commitment to integrity with integrity awards.

The renowned Human Rights Activist and Senior Advocate of Nigeria (SAN) Femi Falana, on his part, challenged Nigerians to confront systemic corruption with bold reforms and decisive action.

Falana acknowledged the progress made by anti-corruption agencies like the ICPC and EFCC but emphasised that “corruption thrives where leadership lacks commitment.”

He called for a stronger political will to enforce existing anti-corruption laws.

Falana acknowledged the global complicity in perpetuating corruption, criticising Western nations for harboring stolen funds.

“The bulk of looted resources from Nigeria is warehoused abroad. Yet, these countries frustrate recovery efforts, betraying the ideals of the United Nations Convention Against Corruption,” he stated.

He also advocated for the redistribution of seized assets, suggesting that properties confiscated from corrupt officials be converted into affordable housing for Nigerian workers.

He reiterated the power of young Nigerians, particularly through social media, to drive anti-corruption campaigns, saying “If we can mobilise our youth to demand transparency and accountability, significant progress will be made”.

He also advocated for the redistribution of seized assets within the country, suggesting that properties confiscated from corrupt officials be converted into affordable housing for Nigerian workers.

Falana praised the NUPRC boss and its management for its transparency initiatives, urging other government institutions to replicate these efforts.

“Your leadership sets a precedent for fostering accountability and resisting undue influence,” he said.

Representing Dr Musa Aliyu, Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr Adigun Olusegun, lauded the NUPRC for its proactive anti-corruption initiatives.

“The establishment of the Anti-Corruption and Transparency Unit (ACTU) within organisations like NUPRC ensures the implementation of preventive mechanisms, fostering an ethical workforce and addressing lapses in operational systems.

“It is therefore important to sustain these efforts. We encourage ACTU to remain steadfast in its mandate while urging management to continue its unwavering support,’’ Aliyu said.

Delivering a paper on “Understanding and Mitigating Corruption in the Workplace, Mr Chidi Orji of ICPC said corruption eroded public trust and compromised critical sectors such as healthcare, infrastructure, and economic development.

“Corruption does not just affect the poor or the powerless; it impacts everyone, including its supposed beneficiaries.

Citing examples of procurement fraud and regulatory capture, Orji called for more rigorous enforcement and transparent processes, particularly in sectors prone to exploitation.

He said there was the need for technology-driven solutions to minimise human intervention in regulatory processes.

“We must innovate and adopt systems that eliminate opportunities for unethical practices, especially in sectors like oil and gas, where the stakes are high.

“Leadership must lead by example and the fight against corruption begins with ethical behavior from the highest levels of management and cascades down through all organisational layers.

“Corruption does not pay, it affects us all, and only by standing united can we shape a future of integrity and accountability,” he said. (NAN)(www.nannews.ng)
edited by Sadiya Hamza

Defence/Security

Tinubu tasks NUPRC, industry players on crude production

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By Emmanuella Anokam

President Bola Tinubu has tasked industry players to collaborate with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in realising its One Million Barrels Oil Per Day (1MMBOPD) Initiative.

Tinubu said this on Monday in Abuja during the inauguration of Project 1MMBOPD Initiative and commemoration of the third anniversary of the NUPRC under the Petroleum Industry Act (PIA 2021).

The project is an NUPRC collaborative initiative to evolve alternative funding mechanisms to unlock incremental oil production in the short-to-medium term with expanded opportunities for all industry stakeholder groups.

Represented by Sen. George Akume, Secretary to the Government of the Federation, Tinubu charged relevant industry stakeholders to join NUPRC in realising set goals of incremental oil production target within specific timelines.

He said the shared responsibility initiative would be a collaborative undertaking, involving government agencies, major producers, service providers, financiers, host communities and other stakeholders.

This, he said, would expand government revenue, eradicate poverty and increase Gross Domestic Product (GDP) in a sterile, shared prosperity.

“These commitments will be critical in ensuring that we achieve an incremental production in the next 12 months. Growing not just production levels, but also increasing efficiency and competitiveness of our industries.

“This initiative is of national importance and it should support Nigeria’s economic recovery and growth,” the president said.

The president said his administration while focusing on decarbonisation approaches to oil and gas, a renewed drive for economic diversification, usage of oil and gas industrials and development, remained intact.

He expressed delight that the sector had witnessed major financial and investment decisions across the value chain, since inception of the reform.

“To this end, we must work more subtly to grow production, meet domestic energy security needs and shore up foreign exchange gains.

“I congratulate all active oil and gas industry players for the modest gains in oil production which rose to 1.6 million barrels per day.

“I am pleased that the NUPRC, working with industrial stakeholders has transformed that executive charge into a tangible measure set as progress to one million barrels per day in oil and gas production.

“By enhancing domestic energy security and supporting growing vibrancy, this initiative will ensure that Nigeria remains a crucial player in the global energy asset and means of worldwide energy transition.

“Increased oil production will mean more job opportunities, increased revenue for the government, and more stable energy supply for the assets,” he said.

Tinubu commended the Ministers of State for Petroleum Resources (Oil and Gas), NUPRC, NNPC Ltd., industry captains and oil producing organisations for delivering to contemporary challenges to foster development. (NAN)(www.nannews.ng)

Edited by Rabiu Sani-Ali

Oil & Gas

Litigations delay implementation of host communities trust fund – Stakeholders

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By Emmanuella Anokam

The Host Communities of Nigeria Producing Oil and Gas (HOSTCOM), says litigations is delaying the Host Community Development Trust (HCDT) Fund creation and implementation.

HOSTCOM said pending issues by host communities in choosing members and chairman of the Board of Trustees (BoT), also delayed the implementation of the HCDT funds.

Dr Benjamin Tamaranebi, National President, HOSTCOM, gave the clarifications on Thursday in Abuja, while reacting to claims on the Host Community Project Funding in Akwa Ibom.

The HCDT is responsible for managing and distributing oil company funds to the host communities, ensuring that resources are used effectively for community development projects.

Host communities in Akwa Ibom had decried delayed release of funds by oil companies to HCDT, alledging that it hindered projects implementation outlined in their respective development plans.

Community representatives from HCDT in Ibeno, Eket, Mbo, Esit Eket, Uruan and Ikot Abasi LGAs, chided the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC), for its inability to enforce statutory sanctions on defaulting oil companies.

However, Tamaranebi dismissed as “unfounded,” alleged delays in funding development projects in host communities in Akwa Ibom.

“We must state clearly that some of the delays of HCDTs creation are caused by community members and litigations over who wants to be a member and chairman of the Board of Trustees which has nothing to do with NUPRC.

“So, we advise communities to conduct themselves properly for the benefit of the HCDT funds,” he said.

Dr Benjamin Tamaranebi, National President, HOSTCOM

He said the NUPRC initiated the HCDTs Forum to meet with community representatives through its HCDT trustees, to address broader issues and grievances ensuring continuous dialogue between host communities and the operators.

The national president said the forum had promoted transparency and accountability towards ensuring that community voices are heard at a higher level.

Tamaranebi said there was registration of reputable 34 asset/fund manager to invest 20 per cent of the three per cent Operating Expenses or Expenditure (OPEX) on behalf of the trusts.

“Some of the trusts are already benefiting from the dividend of this investments.

“These achievements underscore the commitment of the NUPRC and Settlors to the sustainable development of host communities.

“We encourage all stakeholders, including community members and operators, to maintain open lines of communication with the HOSTCOM or NUPRC,” he said.

On project implementation, Tamaranebi urged parties to engage with HOSTCOM directly for resolution rather than resorting to public statements that may misinform or escalate tensions.

He said HOSTCOM was actively monitoring the situation in Akwa Ibom and other states, to advocate for the rights and developmental needs of local communities. (NAN)(www.nannews.ng)

Edited by Chijioke Okoronkwo

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