The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
In a bid to increase the nation’s revenue base, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected an investment inflow of about $17.67 billion into the upstream petroleum sector with expected cumulative 2.12 billion barrels of oil and 13.13 Trillion Cubic Feet (TCF) of gas production in the next five years.
With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licences and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports a reversal in the investment decline in the oil and gas upstream sector, as stated by Gbenga Komolafe, the CEO of the commission.
•Declares Nigeria’s technical oil production potential stands at 2.26m bpd
•APPO to announce headquarters of proposed African Energy Bank next month
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Brent, the global benchmark for crude, rose to $83.19/barrel on Tuesday evening, moving up by $1.19 when compared to its cost the preceding day, as latest data from the Federal Government indicated that Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has kept the nation’s two months’ crude oil production reports secret.
Reasons for the clandestine action was not immediately clear at the time of filing this report.
The latest report the commission published was that of last November. It was published on December 13, last year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is in discussions with TotalEnergies on its plan to focus on its offshore operations in Nigeria, the commission has said.
President Bola Tinubu has ordered the Attorney-General of the Federation, Lateef Fagbemi (SAN), Minister of State for Petroleum Resources, Heineken Lokpobiri, and other agencies of government to clear all court cases around the $1.3bn deepwater OPL 245 oil block located in southern Niger Delta.
Peter Uzoho
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised prospective buyers of oil and gas assets put on sale during bid rounds to endeavour to carry out proper due diligence checks on the commercial and economic viability of the assets before making payments.