Oil output now 1.82mbpd — Lokpobiri
By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 120 oil and gas field development plans involving about $47.6 billion in capital expenditure since 2024, with the projects expected to add 1.74 million barrels of oil and 13.9 billion standard cubic feet of gas per day to Nigeria’s production capacity.
The Commission’s Chief Executive, Mrs Oritsemeyiwa Eyesan, disclosed this in Abuja on Tuesday at an event marking the fifth anniversary of its establishment under the Petroleum Industry Act (PIA) 2021.
Eyesan said the approvals included the $10.3 billion Zabazaba-Etan development in OPL 245, which had been delayed by disputes for more than two decades.
She said Nigeria accounted for 38 per cent of all upstream investment sanctioned in Africa in 2025, compared with an average of four per cent between 2015 and 2023.
According to her, the development made Nigeria the leading destination for upstream investment in Africa for the second consecutive year.
Eyesan said oil and condensate production had risen from about 1.44 million barrels per day in 2022 to an average of 1.75 million barrels per day in the first seven months of 2026.
She added that gas production increased from 6.83 billion standard cubic feet per day to about 7.97 billion standard cubic feet per day over the same period.
The NUPRC boss said the Commission had also reduced the time required to approve the reactivation of shut-in wells from between two and six weeks to between two and four hours.
She added that 37 new crude evacuation routes had been approved to reduce production shut-ins.
Eyesan said the Commission was entering an “age of compliance”, with plans to score and publish the compliance records of licensees and lessees.
She said the scores would cover work programme delivery, payment of royalties, rents and fees, domestic crude and gas supply obligations, measurement and data reporting, gas flaring, health, safety and environment, decommissioning and host community contributions.
The Commission is targeting production of three million barrels of oil per day and 12 billion standard cubic feet of gas per day by 2030, she said.
Speaking at the event, President Bola Ahmed Tinubu, represented by Vice-President Kashim Shettima, said the Federal Government would deploy the country’s petroleum resources to support economic diversification.
Tinubu said oil and gas resources would support agriculture, manufacturing, digital and creative industries, while increased gas supply would help power homes and industries.
“Our aim is to use our petroleum resources to build this diversified economy. Our gas can power homes and factories. Petroleum earnings support a stable naira and fund the federation,” he said.
The President said the PIA had provided a stronger foundation for investment by establishing clearer rules and a more predictable framework for investors, while creating statutory benefits for host communities.
He said the administration had also introduced fiscal incentives to unlock investment, including the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026, designed to unlock up to $50 billion in new investment, beginning with the Bonga Southwest project.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urged NUPRC to make faster and more decisive regulatory decisions to attract more capital into the upstream sector.
Lokpobiri said Nigeria was producing barely one million barrels per day, including condensates, when the Tinubu administration assumed office in 2023, partly because of delays in regulatory approvals.
He said increased engagement between the ministry and NUPRC had helped resolve some of the bottlenecks, with production now reaching 1.821 million barrels per day.
“Today we’re doing, as of yesterday when you sent the report to me, we’re doing 1.821 million barrels a day. That is over 80 per cent of success,” he said.
The minister also disclosed that drilling activities had increased from fewer than 10 when the administration assumed office to more than 70 currently, describing the development as critical to sustaining future production.
He urged NUPRC to continue issuing licences to investors with the requisite financial and technical capacity to develop Nigeria’s oil and gas reserves.
“Once we are able to do that, I believe that all those people who are coming with petro-dollars are bound to come to Nigeria,” he said.
Lokpobiri also called for greater predictability in the country’s fiscal and regulatory environment, saying Nigeria must make swift, bold and transparent decisions to compete for global capital.
Also speaking, Group Chief Executive Officer of NNPC Limited, Mr Bayo Ojulari, commended NUPRC for creating what he described as a regulatory environment conducive to investment and sustainable value creation.
Ojulari said improved regulatory clarity, faster approval processes and engagement with operators had helped create an environment where companies could focus on value creation while maintaining safety and compliance standards.
He said the industry was making progress in increasing oil and gas production, reducing costs and attracting investment.
“Our focus remains on growing results, increasing production, accelerating gas development, and creating long-term value for our shareholders and the Nigerian people,” he said.
Ojulari said the next phase of the industry should focus on increasing production safely, attracting and retaining investment, commercialising undeveloped resources, expanding gas utilisation and strengthening Nigeria’s competitiveness in the global energy market.
He assured that NNPC Limited would continue to deepen its partnership with NUPRC to build an efficient, competitive and investable upstream industry.
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