NUPRC’s Field Devt Plans to Attract $17.64BN Investment Inflow

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the 51 field development plans it approved within the space of one year should attract an investment inflow of $17.64 billion. The Chief Executive, NUPRC, Engr. Gbenga Komolafe, made this known while delivering the keynote speech during the Nigerian Petroleum Producers Forum panel at the ongoing 7th Nigeria International Energy Summit (NIES) on Wednesday in Abuja.

According to him, the success stories recorded by the Commission was as a result of its tireless work to reposition Nigeria as a prime investment destination in the oil and gas sector, through strategic initiatives and collaborative efforts with industry stakeholders. As such, the Commission was able to create an enabling environment to attract investments in line with national goals and aspirations.

He said: “A total of 51 Field Development Plans approved in the year 2022 – 2023 expected to attract a total USD17.64bn investment inflow as well as deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the next five years. “A total of circa $2.5 billion investment in 175 wells drill- ing in the year 2022 – 2023.A total of $2.68 billion investment in 842 well work overs and other well intervention activities in the year 2022 – 2023 resulting in increased average oil production. “275 per cent growth in rig count from just eight in 2021 to average of 30 in the past one year.” Komolafe added that the proactive initiatives and drive in promoting investment had helped in opening myriad of opportunities for investors in the oil and gas sector to assist government lift the country from the challenges confronting her in order to drive sustainable development.