$20bn field devt plans approved in 10 months — NUPRC

THE Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has said the commission approved about $20bn worth of Field Development Plans in the last 10 months, in line with its ongoing reforms to boost oil production and attract fresh investments into the sector.

Komolafe, who was represented by the Deputy Director, Human Resources, Corporate Services and Administration at NUPRC, Efemona Bassey, stated this at a two-day strategic media workshop for energy correspondents in Lagos.

Speaking at the close of the workshop on Tuesday, Komolafe said the engagement underscored “the high value in which the NUPRC holds the media, given your strategic role as society’s watchdogs and the stewards of public trusts on information dissemination.”

Despite declining global investment in oil and gas, he said Nigeria had continued to make measurable progress.
He stated that the development was driven by regulatory instruments under the Petroleum Industry Act and further reinforced by President Bola Ahmed Tinubu’s “far-reaching” Executive Orders.

Highlighting recent achievements, he said, “Nigeria’s daily crude oil production has, on multiple occasions, exceeded 1.7 million barrels per day,” adding that the country’s rig count had risen to nearly 70, with more than 40 rigs active.

He also disclosed that “within the last 10 months, we have approved Field Development Plans worth approximately $20bn.”

Komolafe reiterated the commission’s target of boosting national output by an additional one million barrels per day.

To achieve this, he stated that “the commission will conduct another licensing round on December 1, 2025, designed to open new frontiers, unlock fresh prospects and further strengthen our reserves base.”

He stressed the critical role of journalists in shaping investor sentiment, saying the sector was highly sensitive to perception.

“Your reporting has the power to reassure investors or deter them,” he said, urging reporters to ensure that their stories remain “factual, contextual and development orientated.”

Komolafe also reaffirmed NUPRC’s commitment to transparency as the commission “consistently publishes updates on our website, across our social media platforms and through our quarterly magazine, The Upstream Gaze.”

He concluded with an appeal borrowed from the President, saying, “Report boldly, but do so truthfully. Critique government policy, but do so with knowledge and fairness. Your aim must never be to tear down, but to help build a better society.”