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Crude oil reserves hit 37bn barrels, gas jumps to 210.54TCF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has revealed the country’s official petroleum reserves, showing a total of 37.28 billion barrels of crude oil and condensate, as well as 210.54 trillion cubic feet of natural gas. This was disclosed on Friday in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of […]

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NUPRC eyes N15tn revenue for 2025

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 […]

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NUPRC launches real-time tracking to address crude export losses

The Nigerian Upstream Petroleum Regulatory Commission has announced plans to boost transparency and accountability in the country’s oil and gas sector. This will be achieved through the implementation of the Advance Cargo Declaration Solution and an Engineering Audit of Upstream Measurement Equipment and Facilities. The initiative it said aims to monitor the movement of crude […]

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NUPRC unveils upstream decarbonisation template

The Nigerian Upstream Petroleum Regulatory Commission has introduced the Upstream Petroleum Decarbonisation Template, which will be mandatory for obtaining licenses and permits starting in January 2025. This initiative aims to ensure that the petroleum sector aligns with Nigeria’s climate goals, including its commitment to achieving Net Zero emissions by 2060. Thee Commission Chief Executive, Gbenga […]

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Nigeria’s crude oil output drops to 1.53m bpd – NUPRC

Nigeria’s crude oil production saw a slight decline in October 2024, decreasing from 1.54 million barrels per day to 1.53 million bpd, according to the latest oil production status report from the Nigerian Upstream Petroleum Regulatory Commission. Unlike OPEC’s reports, which exclude condensates, the NUPRC report offers a broader analysis, covering both blended and unblended […]

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IOCs staying despite divestments – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has clarified that international oil companies are not exiting Nigeria despite their recent divestments. According to NUPRC CEO, Gbenga Komolafe, these divestments are part of “portfolio rationalisation,” a common practice in other markets. At the recent NAPE Conference in Lagos, the CEO of the Nigerian Upstream Petroleum Regulatory Commission, […]

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NUPRC screens qualified oil block bidders for 2024 licensing

The Nigerian Upstream Petroleum Regulatory Commission has begun the technical screening of financially qualified bidders for the 2024 licensing bid rounds. At this stage, the commission will assess each company’s technical capacity to operate the oil blocks for which they have bid. According to the commission’s publication, a total of 31 oil blocks are available, […]

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NUPRC warns of potential gas supply crisis by 2030

The Nigerian Upstream Petroleum Regulatory Commission has raised concerns that Nigeria could experience a gas supply crisis by 2030. This warning was issued by NUPRC’s Chief Executive, Gbenga Komolafe, during the ongoing energy conference in Lagos, according to The Punch. According to Komolafe, demand for gas is projected to grow at a compound annual growth […]

News

NUPRC to review domestic crude supply regulations

The Nigerian Upstream Petroleum Regulatory Commission is ready to review the Domestic Crude Supply Obligations Regulations 2023. This was disclosed in a notice signed by the Chief Executive of the NUPRC, Gbenga Komolafe, on Thursday. The commission stated in the notice that it wished to consult with stakeholders to get their opinions. According to the […]

News Oil and Gas

Nigeria produced 236m barrels of crude in H1 – NUPRC

Nigeria produced a total of 236,229,281 barrels of crude oil in the first half of 2024, according to The Punch. The nation produced 44.2 million barrels of petroleum in January and 38.3 million barrels in February, According to data obtained from the Nigerian Upstream Petroleum Regulatory Commission. Also, 38.1 million barrels were produced in March, […]

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IOCs not unwilling to sell oil to Dangote, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has said that International Oil Companies (IOCs) did not refuse to sell crude oil to the Dangote plant. This was disclosed by the Chief Executive Officer of the Commission, Engineer Gbenga Komolafe, in an interview with Arise TV on Monday. According to Komolafe, while the Petroleum Industry Act (PIA) […]

News Oil and Gas

Oando seals assets acquisition deal with Agip

The Federal Government announced the completion of oil asset transactions including the Nigerian Agip Oil Company, NAOC, and Oando, as well as Equinor-Project Odinmim divestments. This was disclosed by the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe at the ongoing NOG Energy Week in Abuja on Wednesday, according to Vanguard. He […]