NUPRC at 4: $40bn oil projects, record rigs, and N358bn for host communities

Nigeria’s upstream oil and gas regulator has marked its fourth anniversary with a bold scorecard of achievements, citing billions of dollars in new projects, a surge in rig activity, improved revenue and a sharp drop in oil theft.

In a statement on Sunday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the industry has been repositioned for growth since its establishment under the Petroleum Industry Act in 2021.

According to the Commission, active rig count has jumped from just eight in 2021 to 69 as of October 2025, 40 of which are fully operational, reflecting renewed investor confidence and aligning with President Bola Tinubu’s declaration that “Nigeria is open for business.”

Between 2024 and 2025 alone, the NUPRC approved 79 Field Development Plans valued at nearly $40bn, projects that are expected to expand exploration and boost reserves.

Revenue collections have consistently exceeded expectations: by 18 per cent in 2022, 15 per cent in 2023 and an unprecedented 84 per cent in 2024. Crude oil output now averages 1.65 million barrels per day, with a target of 2.5 million barrels per day by 2027 under its “Project 1mbopd” initiative.

The Commission also reported significant progress in the battle against oil theft. Losses, it said, have fallen from about 103,000 barrels per day in 2021 to just 9,600 barrels per day as of September 2025—a 90 per cent reduction attributed to tighter oversight and improved security coordination.

Another milestone is the Host Community Development Trust, which has seen over N358bn remitted by oil firms into dedicated funds. Already, the money is financing more than 500 projects, schools, health centres and roads, in oil-producing areas.

The Commission also noted reforms in licensing rounds, which are now fully digital and transparent, winning praise from the Nigeria Extractive Industries Transparency Initiative (NEITI). It said this has ended decades of opaque processes and attracted strong investor interest.

Other highlights include the “Drill or Drop” policy compelling operators to develop idle assets, the approval of major divestments by Shell, Mobil and Equinor, and the introduction of 19 new regulations to strengthen the investment climate. On gas, it launched the Nigerian Gas Flare Commercialisation Programme, aimed at attracting $2.5bn in investments and ending routine flaring.

Beyond Nigeria, the Commission is also leading efforts to harmonise energy regulation across Africa through the African Petroleum Regulators Forum, which now includes 16 countries.

NUPRC said the achievements underscored the gains of the Petroleum Industry Act and pledged continued reforms to grow output, attract investment and ensure that oil-producing communities benefit more directly from natural resources.