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Tag: NUPRC

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Host community trusts get ₦97bn, $149m from settlors – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has revealed that approximately 102 Host Community Development Trusts have received a total of ₦97 billion and $149 million in remittances from settlors. This was disclosed by the Commission’s Senior Manager for Health, Safety, Environment, and Community, Mrs. Chidinma Nwabueze, during a media workshop held on Wednesday in Abuja. […]

Business

Nigeria’s oil rig count surges after $bn investment

Nigeria’s upstream oil sector has received a significant lift, as crude oil producers invested $8 billion in rig infrastructure over the past three years, according to the Nigerian Upstream Petroleum Regulatory Commission. The investment, made between 2022 and 2025, has driven a surge in drilling operations, with 236 wellbores drilled to total depth and the […]

News

How oil producers refused crude supply to Dangote, others – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has revealed that several oil producers resisted government directives last year to allocate part of their crude output to local refineries, including the Dangote Refinery. According to the commission’s report, the companies cited various reasons for their refusal and submitted formal letters either seeking waivers or explaining why they […]

News

NUPRC unveils plan to end gas flaring by 2030

The Nigerian Upstream Petroleum Regulatory Commission has unveiled a gas-driven transition plan aimed at ending routine gas flaring by 2030 and cutting methane emissions by 60 percent by 2031. This was disclosed by the Commission’s Chief Executive, Gbenga Komolafe, on Wednesday at the ongoing 24th Nigeria Oil and Gas Energy Week conference. In his keynote […]

News

NUPRC issues new guidelines for exporters to curb oil theft

The Nigerian Upstream Petroleum Regulatory Commission has introduced a new requirement mandating crude oil exporters to obtain an export permit, vessel clearance, and a Unique Identification Number before any shipment can leave the country. This comes as oil producers recorded exports worth ₦12.96 trillion in the first quarter of 2025, despite ongoing feedstock shortages crippling […]

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Oil firms rush to convert licences before June deadline – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has confirmed that several holders of Petroleum Prospecting Licences have submitted formal applications to convert their licences to Petroleum Mining Leases. This development comes as about 40 PPLs issued in June 2022 approach their expiration date of June 27, 2025. Thid was disclosed in a statement by NUPRC, clarifying […]

Business

Africa requires $600b annually to meet energy need – NUPRC

The CEO of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stated that Africa will need over $600 billion annually in upstream oil and gas investment to meet its rapidly growing energy needs. He emphasized that Nigeria is strategically positioned and fully prepared to attract a significant portion of this capital, ensuring sustainable energy […]

Business

Nigeria ships first Obodo crude blend, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission announced the successful export of the inaugural cargo of the Obodo crude blend, marking a pivotal achievement for the country’s upstream oil industry. In a statement on Tuesday, the NUPRC Chief Executive, Gbenga Komolafe, lauded Conoil Producing Limited for spearheading the shipment, which underscores the increasing prowess of indigenous […]

News

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 […]

News

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 […]

News

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 […]

News

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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