The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says it remains committed to promoting stability, transparency and sustainable investment in Nigeria’s upstream oil and gas sector.
The Commission says the implementation of the Petroleum Industry Act, PIA 2021, has created a more structured regulatory and fiscal framework for the industry.
Speaking at the annual conference of the Association of Energy Correspondents, FCT Abuja, AECAF, NUPRC Director of Surface Development, Joseph Ogunshola, who represented the Commission’s Chief Executive Officer, Mrs Oritsemeyiwa Eyesan, said the PIA has helped reduce regulatory uncertainty and provide greater clarity for investment decisions.
- The Commission also pointed to recent Final Investment Decisions, FIDs, on major gas projects as evidence of growing investor confidence in Nigeria’s energy sector.
According to the NUPRC, Nigeria’s official crude oil and condensate reserves currently stand at 31.5 billion barrels, while proven natural gas reserves are estimated at 209 trillion cubic feet.
It said average crude oil production so far this year stands at 1.75 million barrels per day, with monthly output reaching 1.8 million barrels per day.
The regulator stressed that the year-to-date figure provides a broader assessment of production levels, taking into account fluctuations in daily output.
The NUPRC says it is working to increase crude production to two million barrels per day in the near term, with a medium-term target of three million barrels per day.
The Commission also called on energy correspondents to uphold accuracy, context and responsible reporting when covering developments in the oil and gas industry.
It noted that credible media coverage plays an important role in shaping public understanding of the sector and investor confidence
The NUPRC says continued regulatory reforms, increased production and new investments in oil and gas will remain central to strengthening Nigeria’s upstream petroleum sector.
