The Nigerian Upstream Petroleum Regulatory Commission has set a revenue target of N15 trillion for this year.
The Commission’s Chief Executive, Gbenga Komolafe, revealed this goal on Tuesday while speaking to the press after receiving the ThisDay CEO of the Year Award in Lagos.
Komolafe highlighted that the NUPRC exceeded its 2024 revenue target by approximately 163%.
Looking ahead to 2025, he shared that the commission’s four-point agenda includes prioritizing sustainable growth in oil and gas production.
He said, “And we all know the importance of that; we’re ramping up federal revenue. Last year, that is for 2024, you remember that the commission achieved and surpassed its revenue generation by about 163 per cent. This year, our target has been increased to about N15tn.
“So, the commission, recognising that, we have equally devised a strategy. Of course, N15tn is so large, but then we are not daunted; we are not intimidated. Rather, we are defining a strategic approach to achieve that target.”
He noted that with the release of its regulatory action plan in the first week of January, the NUPRC is taking a proactive approach and is focused on boosting oil production.
“And you could see that, at least, we are witnessing a positive turnaround in the sense that our production has grown. We’ve recorded some level of growth at the moment, moving from about 1.4 million barrels per day to 1.75 mbpd, including condensate,” he stated.
He also revealed that the commission will soon launch the 2025 licensing bid round once the 2024 round is completed.
He continued, “In that regulatory action plan, we equally marched out the fact that we were going to conclude the licensing round. That is concluding the one we started in 2023 up to 2024. And you could see that by December, we succeeded in completing the licensing round. Don’t forget the fact that one of the ways by which we grow national oil production, as prescribed in the Petroleum Industry Act, is to conduct licensing bid rounds. Even though the Act did not prescribe it to be annual, at least we were able to conclude that.
“In October last year, we launched the project for one million additional barrels of production. That project is one of our major programmes for 2025 as a commission. So, the idea behind the programme is to create a one-stop shop by which players within the ecosystem in the upstream can add value. We can pull the strength of all value players along the value chain to increase our production.”
The NUPRC boss also revealed that the regulator is taking all necessary steps to sustain its efforts in decarbonizing upstream activities, aligning with the global energy transition goals.
