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NUPRC targets 788,000bpd shut-in oil production, $50bn offshore investments – EnviroNews
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled plans to restore more than 788,000 barrels per day of shut-in oil production, advance offshore projects worth between $30 billion and $50 billion to final investment decision, and achieve full delivery of domestic gas obligations.
The Commission also disclosed that at least 77 wells had been successfully re-entered this year, while 128 wells had received approval for drilling, as part of efforts to boost production, attract investment and achieve Nigeria’s oil and gas targets by 2030.
The Commission Chief Executive (CCE), Mrs. Oritsemeyiwa Eyesan, disclosed these priorities in a presentation delivered on her behalf at the Annual Conference of the Association of Energy Correspondents of Nigeria (NAEC) in Lagos on Thursday, October 8, 2026.
The conference was themed “Access to Assets: Empowering Players and Driving Growth.”
Eyesan, who could not attend physically because of prior industry commitments, congratulated NAEC on its annual conference and said the theme was particularly relevant as the Commission sought to deepen investment in Nigeria’s upstream petroleum sector.
She noted that the NUPRC had recently marked its fifth anniversary with a conference in Abuja to assess its achievements, while also launching the 2026 licensing round, which offers 40 oil and gas assets to prospective investors.
According to her, the Commission has conducted several licensing rounds since 2022, including the 2022/2023, 2024 and 2025 rounds, with the 2026 exercise designed to sustain investment, expand exploration and increase national production.
“The intention is simple and clear: to deepen exploration, create jobs, increase production and expand revenue,” she said.
2025 Licensing Round Targets 500 Million Barrels
The NUPRC chief executive explained that the Commission had been reviewing investment barriers in the petroleum sector, with the approval of President Bola Tinubu, to improve Nigeria’s competitiveness as an investment destination.
She said measures taken included reducing signature bonuses and de-risking oil and gas assets by providing high-quality seismic data to guide investors’ decisions.
Eyesan disclosed that the 2025 licensing round attracted significant interest, with nearly 300 companies expressing interest in the 50 oil and gas blocks offered.
Eventually, 37 assets were taken up, including acreages in frontier basins, marking what she described as a significant development in the geographical spread of investor interest in Nigeria’s petroleum industry.
“For the first time in our history, our frontier basins, the Anambra Basin, the Benue Trough, the Chad Basin and the Benin Basin, attracted serious investor interest,” she said.
She added that the development demonstrated that investors were increasingly looking beyond the Niger Delta to explore opportunities across the country.
According to Eyesan, the assets offered in the 2025 licensing round could, subject to successful development, add approximately 500 million barrels to Nigeria’s crude oil reserves.
The assets are also expected to contribute at least 300,000 barrels per day of crude oil and condensate within the next five years, supporting the country’s ambition to achieve three million barrels per day by 2030.
In addition, they are projected to add 20 trillion cubic feet of gas reserves and 500 million standard cubic feet per day of gas production, contributing to the Federal Government’s Decade of Gas initiative.
NUPRC Promises Transparent 2026 Licensing Round
Eyesan stressed that the success of licensing rounds depended not only on the volume of assets awarded but also on the transparency and integrity of the award process.
She said the nation’s petroleum resources were held in trust for present and future generations, making compliance with the Petroleum Industry Act (PIA) and high standards of transparency essential.
The Commission, she explained, had published bidding criteria in advance, received submissions through a digital portal and conducted public bid openings in the presence of the media and observers.
She said the NUPRC would continue to improve the consistency and predictability of its award processes while providing prospective investors with comprehensive, up-to-date technical data to support informed bidding decisions.
According to her, the guidelines for the 2026 licensing round would clearly outline eligibility requirements, bidding parameters, evaluation criteria and conditions of award.
“These will be applied consistently, so that every eligible investor, large or small, Nigerian or international, competes on a level playing field,” she stated.
Eyesan also said the Commission would expand communication channels through the licensing round portal, virtual data room, webinars and a dedicated help desk.
She assured prospective investors that enquiries would receive timely responses and that material clarifications would be shared with all participants to ensure equal access to information.
The Commission, she added, would release further details about the 2026 licensing round in the coming days, expressing confidence that lessons learnt from previous exercises would help improve the process.
Focus on Shut-In Production, Offshore Projects
Beyond licensing rounds, Eyesan identified restoring shut-in production, advancing major offshore investments and meeting domestic gas supply obligations as key priorities for the Commission.
She said the NUPRC was targeting the recovery of more than 788,000 barrels per day of shut-in production identified across 63 operators.
The Commission is also working to advance offshore projects estimated to be worth between $30 billion and $50 billion to final investment decision, a critical milestone required before major project development and construction can proceed.
Another priority is increasing domestic gas delivery from approximately two-thirds of the required domestic obligation to full delivery.
Eyesan said these efforts, alongside executive orders issued by President Tinubu to encourage deep offshore investments, were intended to strengthen the upstream sector and position Nigeria to achieve its production and investment ambitions by 2030.
She added that accelerating regulatory approvals was another component of the Commission’s strategy to improve operational efficiency and facilitate increased production.
The re-entry of 77 wells and approval of 128 wells for drilling this year, she said, reflected ongoing efforts to unlock production opportunities and support sectoral growth.
NUPRC Seeks Media Support for Investment Drive
The NUPRC chief executive called for stronger cooperation between the Commission and stakeholders, particularly the media, in advancing Nigeria’s petroleum industry.
She observed that energy reporting could influence investor perceptions of the country, potentially attracting investment or discouraging prospective investors, depending on the quality and accuracy of coverage.
“Your reportage could either attract investments into Nigeria or discourage same,” she said.
Eyesan therefore urged energy correspondents to support the Commission’s efforts to build confidence in the sector through responsible reporting and constructive engagement.
She reiterated the NUPRC’s commitment to improving transparency, expanding access to investment opportunities and removing barriers that could constrain the growth of Nigeria’s upstream petroleum industry.
The Commission’s strategy, as outlined at the conference, centres on expanding exploration beyond established producing areas, increasing oil and gas reserves, restoring shut-in production, accelerating project development and improving domestic gas supply. The success of these initiatives will depend on effective implementation, sustained investment, timely project execution and the ability to translate newly awarded assets and regulatory reforms into actual production gains.
