The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 120 oil and gas field development plans involving about $47.6bn in capital expenditure since 2024, as the country’s oil production rises to 1.82 million barrels per day.
The NUPRC Chief Executive, Oritsemeyiwa Eyesan, disclosed this in Abuja on Tuesday at an event marking the fifth anniversary of the Commission’s establishment under the Petroleum Industry Act (PIA) 2021.
Eyesan said the approved projects were 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.
She said the approvals included the $10.3bn Zabazaba-Etan development in OPL 245, which had been delayed by disputes for more than two decades.
According to her, 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.
She said this had made Nigeria the leading destination for upstream investment in Africa for the second consecutive year.
Eyesan also disclosed that oil and condensate production increased 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 said production had subsequently risen to 1.82 million barrels per day, according to the latest figures.
Gas production also increased from 6.83 billion standard cubic feet per day in 2022 to about 7.97 billion standard cubic feet per day in the first seven months of 2026.
The NUPRC boss said the Commission had significantly 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 also been approved to reduce production shut-ins.
Eyesan said the Commission was entering what she described as an “age of compliance”, under which the compliance records of licensees and lessees would be scored and published.
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, she added, was targeting oil production of three million barrels per day and gas production of 12 billion standard cubic feet per day by 2030.
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 increased gas supply would help power homes and industries, while petroleum earnings would support the naira and fund the federation.
The President said the PIA had created a stronger foundation for investment by providing clearer rules and a more predictable regulatory framework, while also establishing statutory benefits for host communities.
He added that the administration had introduced fiscal incentives to unlock investment, including the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026, which was designed to unlock up to $50bn 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 additional 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 due to 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.
The minister also disclosed that drilling activities had increased from fewer than 10 when the administration assumed office to more than 70 currently.
He described the increase in drilling activities as critical to sustaining future production and urged NUPRC to continue issuing licences to investors with the requisite financial and technical capacity to develop Nigeria’s oil and gas reserves.
Lokpobiri also called for greater predictability in Nigeria’s fiscal and regulatory environment, saying the country must make swift, bold and transparent decisions to compete for global capital.
Group Chief Executive Officer of NNPC Limited, 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 greater 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.
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.
