The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stated that competitive reforms introduced in the oil and gas sector has led to 28 Field Development Plans with $18.2bn worth of investment commitments, which underscores the attractiveness of the upstream sector.
In a statement, Komolafe said these commitments are also expected to unlock 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas, boosting the country’s aspiration to deliver over 3 million barrels per day crude oil production.
He said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.
“In nearly four years, the CCE disclosed that the NUPRC has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the PIA.”
According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.
