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Tag: NUPRC

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Host community trust fund rises to ₦373b, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has announced that the Host Community Development Trust Fund has grown to ₦373 billion as of October 13, 2025, with 536 development projects currently underway across oil-producing regions. In a statement on Monday, the Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, said the fund includes ₦125 billion […]

FG target Spanish investors for seven oil blocs
Oil and Gas

Refiners, NUPRC disagree over reasons for crude oil scarcity

The Nigerian Upstream Petroleum Regulatory Commission has revealed that 11 crude oil cargoes offered to local refiners in a single month went uncollected, despite persistent complaints from the refiners regarding a scarcity of crude supply. byThe Chief Executive of NUPRC, Gbenga Komolafe, who was represented by commission official Boma Atiyegoba during a panel session at […]

Business

NUPRC unveils gas development roadmap to unlock untapped reserves

The Nigerian Upstream Petroleum Regulatory Commission has launched a comprehensive Gas Development Roadmap to unlock more than 55 trillion cubic feet of untapped gas reserves and attract billions of dollars in investment across Nigeria’s gas sector. The Commission stated that the initiative has already drawn approximately $4.9 billion in capital expenditure within the country’s gas […]

Business

NUPRC reports 762% surge in rig count, new investments

Nigeria’s upstream petroleum regulator has announced major progress in the oil and gas sector, reporting a 762 per cent increase in rig count, billions of dollars in new investments, and sweeping reforms just four years after its creation. In a statement on Sunday, the Nigerian Upstream Petroleum Regulatory Commission, through its Head of Media and […]

Oil and Gas

Nigeria’s crude oil losses drop to 16-year low — NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has announced a significant reduction in crude oil losses, dropping to 9,600 barrels per day as of September 11, 2025. This marks the lowest level of crude oil losses since 2009, representing a 90% reduction from the 102,900 barrels lost in 2021. The commission’s statement was in response to […]

Business

NUPRC withdraws approval for TotalEnergies’ SPDC stake sale

The Nigerian Upstream Petroleum Regulatory Commission has withdrawn its earlier approval for TotalEnergies to sell its minority stake in Shell Petroleum Development Company of Nigeria, delivering a setback to the French oil major’s plans to offload aging assets and reduce debt. Reuters reported on Tuesday that the move disrupts TotalEnergies’ strategy to divest mature, high-emission […]

Oil and Gas

Nigeria’s upstream sector attracts $18.2bn investment

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has announced that the country’s competitive reform agenda has delivered 28 Field Development Plans with $18.2 billion worth of investment commitments. These commitments are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding an expected 591,000 […]

Business

Nigeria’s upstream reforms unlock $18.2bn investments – NUPRC

Nigeria’s oil and gas sector is witnessing a surge in investor confidence, driven by recent upstream reforms that have unlocked $18.2 billion in Field Development Plans for 2025, while crude oil losses have fallen to their lowest level in more than a decade. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, […]

Business

NUPRC converts Ingentia Energies’ PPL 202 to PML 66

The Nigerian Upstream Petroleum Regulatory Commission has converted Ingentia Energies’ Petroleum Prospecting Licence 202 into Petroleum Mining Lease 66. The conversion agreement was signed on Friday at the commission’s headquarters in Abuja by NUPRC, Ingentia Energies, and its shareholders—Suntrust Oil Company Nigeria Limited, Petrogas Energy Trade W.A Ltd, Somora GTP Limited, Moore Oil Exploration & […]

Business

NUPRC revokes Oritsemeyin rig licence over safety breach

The Nigerian Upstream Petroleum Regulatory Commission has revoked the operating licence of the Oritsemeyin Rig after a drilling incident at the UDIBE-2 wellbore raised serious safety concerns. In a statement posted on its official X on Friday, the commission said the licence revocation followed a review of the UDIBE-2 drilling operation. During the operation, a […]

Business

Gas flaring drops despite production surge, says NUPRC

Nigeria has recorded a major energy milestone as gas flaring dropped to 7.16 per cent in July 2025, despite an increase in daily gas production to 7.59 billion standard cubic feet per day. The Nigerian Upstream Petroleum Regulatory Commission made this disclosure in a statement on Saturday. “The simultaneous growth in output and decline in […]

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