The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has reported a robust resurgence in actions throughout the nation’s oil and fuel upstream sector, highlighted by a outstanding rise in rig depend from eight in 2021 to 69 as of October 2, 2025.
In a press release marking its fourth anniversary, the Fee’s Head of Media and Strategic Communication, Eniola Akinkuotu, stated the numerous rise in lively rigs displays renewed investor confidence and demonstrates the rising stability of Nigeria’s petroleum trade.
“The quantity is predicted to extend even additional within the coming months. This reveals a renewed investor confidence in Nigeria. The success aligns with the cost of President Tinubu that Nigeria is prepared for enterprise and that the correct funding local weather prevails now within the Nigerian upstream as each day actioned by the NUPRC,” it said.
Driving Funding and Accountability
Additionally among the many actions of the fee, since its inception, is the implementation of the ‘Drill or Drop’ coverage, which prescribes that unexplored acreages are to be relinquished.
The coverage, which is in step with the PIA, 2021, is designed to make sure the optimum use of oil belongings and stop dormant fields from tying up potential reserves. With this coverage, the Fee stated it has recognized 400 dormant oil fields and has additionally propelled complacent oil firms to take fast motion.
As a part of its achievements previously 4 years, the Fee stated, “To offer which means to the intent of the PIA, 2021, the Fee, in session with stakeholders, has developed 24 forward-thinking Laws. Thus far, 19 have been gazetted whereas 5 await gazetting. These forward-thinking Laws function instruments for transparency and the creation of an enabling funding local weather and benchmark greatest practices.
“The Fee authorized divestments working into billions of {dollars} in 2024. From the Nigeria Agip Oil Firm (NAOC) to Oando Vitality Sources; Equinor to Chappal Energies; Mobil Producing Nigeria Limitless to Seplat Energies; and Shell Growth Firm Nigeria Restricted to Renaissance Africa Vitality. The divestment is about investor portfolio re-ordering to give attention to deep offshore improvement.
Gasoline Flare Discount and Group Affect
The Fee additionally famous progress underneath the Nigerian Gasoline Flare Commercialisation Programme (NGFCP), which seeks to finish routine fuel flaring whereas attracting as much as $2.5 billion in recent investments.
In response to the fee, awards for flare websites have been accomplished, marking a significant step in direction of environmental sustainability and power diversification.
It additionally introduced that the Host Group Growth Trusts have remitted N122.34 billion, whereas greenback contributions stand at over $168.91 million as of October 2025. This interprets to a mixed remittance of over N358.67 billion based mostly on the prevalent alternate fee.
“Nonetheless on the host neighborhood, the NUPRC is overseeing not less than 536 initiatives at varied phases of completion, together with faculties, well being centres, roads and vocational centres. These are being funded by the belief fund. The achievement has tremendously curbed crude oil theft.
“In 2021, the typical each day crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per 12 months. Nonetheless, because of the mixed efforts of the Common Safety Forces and Personal Safety Contractors (TANTITA) in addition to the collaborative effort of the Fee, this has lowered by 90 per cent to particularly 9,600bpd in September 2025.
“Moreover, two pioneer laws launched by the Fee have additionally contributed to the success, specifically: The Upstream Measurement Regulation and the Superior Cargo Declaration Regulation, respectively, have contributed as pioneer efforts at attaining transparency in hydrocarbon accounting.”
Highlighting clear bid spherical as a part of its achievements, the Fee defined that previous to its institution, the licensing rounds had been opaque and beclouded by political affect which made the method lack credibility.
It famous that with the help of President Bola Tinubu, the method has been remodeled to be totally digital thereby enhancing transparency and credibility.
“It was essentially the most clear bid spherical on document in Nigeria’s upstream petroleum historical past because it leveraged digital expertise, devoid of any human interference, in a way adjudged to be in step with international greatest practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI),” it added.
What it is best to know
In September, NUPRC revoked the working licence of the Oritsemeyin Rig following a drilling incident on the UDIBE-2 wellbore that raised severe security considerations.
ccording to the fee, the revocation adopted a overview of the circumstances surrounding the UDIBE-2 drilling operation, the place a “kick” — the undesirable movement of formation fluids into the wellbore — was recorded. This incident led to a number of non-productive hours, further prices, and a compelled sidetrack of the nicely.
Additionally, in July, NUPRC stated about 102 Host Group Growth Trusts (HCDTs) have obtained N97 billion and 149 million {dollars} as HCDT fund remitted by settlors.
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