The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced significant milestones in transforming the country’s upstream oil sector since its establishment under the Petroleum Industry Act (PIA) 2021, fuelling growth, investment, and transparency.
The commission, which is marking its fourth year in operation this month, highlighted 16 high-impact achievements since its inception.
It revealed that it surpassed revenue targets by 84.2 per cent in 2024, approved nearly $40 billion in upstream investments, and witnessed a 762.5 per cent increase in active rig count between 2021 and October 2025.
Despite enduring fluctuations in global oil prices and production volumes, the NUPRC exceeded its revenue expectations for three consecutive years.
The Commission said it outperformed revenue targets by 18.3 per cent in 2022, 14.65 per cent in 2023, and recorded its highest margin of 84.2 per cent in 2024.
This strong financial performance has fortified the Nigerian economy and the Commission’s capacity to effectively regulate and develop the upstream petroleum sector.
