The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has disclosed that the historic reforms introduced by the current administration of President Bola Tinubu in the nation’s energy sector has catalysed massive investment inflows to the tune of over $16 billion in two years.
Engr. Komolafe, spoke on the theme, “Positioning Nigeria’s Upstream Oil & Gas for Energy Security, Sustainability and Economic Resilience,” at the Nigerian Oil & Gas Energy Week on Wednesday in Abuja.
According to him, the Petroleum Industry Act (PIA) of 2021 laid the foundation for the reform, followed by the 2024 Executive Orders: No.40 on fiscal incentives, No.41 on local content, and No.42 on cost efficiency and contract timelines.
TheFact Daily reports that the NOG Energy Week, brought together global energy leaders, policymakers, investors and innovators to tackle critical challenges in the oil and gas sector and unlock transformative solutions. It is the platform for bold dialogue, strategic partnerships, and actionable insights that drive markets forward and accelerate progress across Africa.
Speaking, the NUPRC boss said Oil and gas have continued to supply over 50% of global energy needs, a figure he said is expected to hold through 2050.
Sustaining this demand, according to IEF and S&P, would require $640 billion in annual upstream investment through 2030, over $4 trillion cumulatively. Failure to meet this demand will threaten global stability.
Engr. Komolafe informed the gathering that through the Project One Million Barrels initiative, the Commission is scaling up Nigeria’s production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies, and others.
Launched in 2024, the initiative targets an increase from 1.46 million to 2.5 million barrels per day by 2026. He said with 1.7 million bpd already achieved, the strategy is yielding results.
While stating that the protection of assets is also paramount, the CCE affirmed that with the 37 new evacuation routes approved and working closely with security agencies, the country is curbing theft and boosting accountability.
Meanwhile, he submitted that the Commission’s drive on Domestic Crude Supply Obligation is guaranteeing feedstock for local refineries, strengthening domestic supply chains and economic resilience.
On the social front, he revealed that the HostComply platform has brought transparency, real and measurable benefits to oil-producing communities, fostering peace and social license to operate.
“At the same time, our full-scale digitisation efforts are transforming regulatory oversight, delivering speed, efficiency, and clarity to investors. But no strategy is complete without sustainability,” he said.
Komolafe said while oil and gas remain Nigeria’s economic mainstay, contributing nearly 90% of FX earnings and 70% of national revenue, NUPRC is determined to entrench climate responsibility at the core of its operations.
“Nigeria has pledged to achieve net-zero emissions by 2060. It should be known that the NUPRC is turning that ambition into reality,” he announced.
The CCE also noted that the Nigerian Gas Flare Commercialisation Programme (NGFCP) and the Presidential Compressed Natural Gas (CNG) initiative, are aimed at eliminating routine flaring by 2030, reduce methane by 60% by 2031, and monetize the nation’s vast gas reserves, creating thousands of green jobs in the process.
He said the country is building LNG capacity, deploying floating infrastructure, and leading cross-border pipeline development to fuel not only its own economy, but Africa’s industrial renaissance.
“Further anchoring this ambition is Nigeria’s Upstream Decarbonisation Framework which integrates emissions tracking, MRV systems, carbon capture, and climate finance access through carbon markets. These aren’t just policies; they are opportunities for investment, innovation, and inclusive growth,” he added.
While commending some of the oil and gas producing companies for their collaboration and commitment to advancing the government’s flares-out agenda, Engr. Komolafe warned that the Commission would not tolerate any Producer that undermines the national climate-action programme, nor allow unwilling Awardees to set the nation back.
Noting that the Commission has taken regulatory action against non-compliant Producers who failed to execute agreements after several engagements.
“Our resolve remains firm; we will not relent until the NGFCP is fully and successfully implemented,” he added.
Going forward, Engr. Komolafe said the Commission’s focus would be on deepening upstream investment, accelerating reserve development, scaling up production, and enhancing domestic energy security and sustainable growth.
“We will: Sustain transparent, competitive licensing rounds under the Continuous Acreage Licensing Framework. Accelerate frontier basin exploration and de- risking. Fast-track reactivation of shut-in assets. Drive the 1MMBPD initiative through aggressive rig deployment, asset reactivation, streamlined approvals, and enhanced recovery techniques.
“Expand evacuation infrastructure to protect production. Deploy the Advance Cargo Declaration System to curb theft and improve transparency in export. Ensure reliable feedstock supply to domestic refineries. viii. Sustain implementation of presidential Executive Orders No.40–42 to improve viability, efficiency, and local content. Promote local content, community development, and regional energy integration.
