The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has listed its achievements in the last four years of its establishment, despite the legacy challenges it inherited from the pre-Petroleum Industry Act era.
Chronicling the achievements in a statement on Sunday, the Head, Media and Strategic Communication, NUPRC, Eniola Akinkuotu, disclosed that the nation’s rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025.
He explained that the latest rig count of 69 which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5% increase in barely four years.
According to him, the number which is expected to increase even further in the coming months, shows a renewed investor confidence in Nigeria.
He said the success also aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC.
The Commission revealed that it surpassed its revenue target in 2022, 2023 and 2024, by 18.3%, 14.65% and 84.2% respectively despite fluctuations in oil production and prices thus contributing largely to the nation’s economic growth.
NUPRC said it approved 79 Field Development Plans (FDP) (41 in 2024 and 38 YTD 2025 with potential investment of $39.98bn. This, it said comprises $20.55bn in 2024 and $19.43bn in YTD 2025.
It said it has also increased crude oil production currently averaging daily production of 1.65Mbopd expected to increase further with the Project 1 Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.
The Commission said it has driven down crude oil theft, saying that in 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year.
This, it attributed to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the Commission, noting that it was reduced by 90% to specifically 9,600bpd in September 2025.
“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting,” it said.
NUPRC said it has enthroned a regime of transparent bid rounds, saying that prior to its establishment, the licensing rounds were opaque.
“They were beclouded by political influence which made the process lack credibility. However, the NUPRC with the support of President Bola Tinubu, transformed the process to be fully digital thereby enhancing transparency and credibility.
“It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI),” it noted.
The Commission also disclosed that in line with the PIA, 2021 and with the support of President Bola Tinubu, it is implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.
This, it said was designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
The Commission disclosed that it approved divestments running into billions of dollars in 2024, from the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.
It said it has developed 24 forward-thinking Regulations in consultation with stakeholders, adding that so far 19 have been gazetted while 5 await gazetting.
These forward-thinking Regulations, according to NUPRC, serve as tools for transparency and creation of enabling investment climate and benchmark best practices.
The Commission said it has completed the award of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP), aimed at eliminating gas flaring and attracting at least 2.5 billion dollars in investments.
NUPRC disclosed that Host Community Development Trusts have remitted N122.34billion, while dollar contributions stand at over $168.91m as of October 2025, translating to a combined remittance of over N358.67bn based on the prevalent exchange rate in enthroning a conducive host community environment in Nigeria.
Still on host community, the NUPRC said it is overseeing at least 536 projects at various stages of completion including schools, health centers, roads and vocational centers, being funded by the trust fund.
It also disclosed that as part of its mandate to develop the country’s hydrocarbon, it has recorded 306 development wells drilled and completed between 2022 to date.
The Commission said it issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.
Adding that it has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometresof 3D seismic data, producing sharper, higher-resolution images of petroleum systems and reducing the uncertainties that once hindered exploration decisions.
Other data acquisition includes: 11,300 Sq.km of newly acquired 3D data, processed to PSDM and 80,000 Sq.km of Multibeam Echo Sounding & Seafloor Geochemical Coring data.
The Commission said in 2024, it secured the 2024 Overall Best Performing Parastatal SERVICOM Unit (PSU) Award, along with the 2024 Best Performing PSU, Team B Award, a testament to its commitment to customer service.
The NUPRC said it also won best Regulator, 2025 by Nigerian Energy Correspondents aside over 60 awards from various organisations.
Even outside the shores of Nigeria, the Engr GbengaKomolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).
The last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by Sixteen African Countries namely: Nigeria, Ghana, Somalia, Gambia Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco and Mauritania.
AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present strong voice for Africa in hydrocarbon advocacy globally.
