The Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has said within the last two years of President Bola Tinubu’s administration, the energy sector attracted over $16 billion investment.
Speaking on the theme: “Positioning Nigeria’s Upstream Oil & Gas for Energy Security, Sustainability and Economic Resilience,” yesterday at the Nigerian Oil & Gas Energy Week in Abuja, he noted that the investments were possible due to the reforms in the energy sector, following the Petroleum Industry Act (PIA) of 2021, which laid the foundation for the reform, followed by the 2024 Executive Orders: No.40 on fiscal incentives, No.41 on local content, and No.42 on cost efficiency and contract timelines.
Komolafe, who disclosed that oil and gas have continued to supply over 50 per cent of global energy needs, however, added that over $4 trillion arising from $640 billion in annual upstream investment through 2030, was needed to sustain the demand.
The NUPRC boss, who warned that failure to meet the demand would threaten global stability, revealed that the Commission was scaling up Nigeria’s production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies, and others, through the Project One Million Barrels initiative.
Launched in 2024, the initiative targets an increase from 1.46 million to 2.5 million barrels per day by 2026. He said with 1.7 million bpd already achieved, the strategy is yielding results.
Komolafe also revealed that oil theft was being curbed, following approval of the the 37 new evacuation routes and synergy with security agencies, even as he noted that NUPRC was determined to entrench climate responsibility at the core of its operations. He said: “Nigeria has pledged to achieve net-zero emissions by 2060.
It should be known that the NUPRC is turning that ambition into reality.” Speaking further, the he noted that the country was building LNG capacity, deploying floating infrastructure, and leading cross-border pipeline development to fuel not only its own economy, but Africa’s industrial renaissance.
He said: “Further anchoring this ambition is Nigeria’s Upstream Decarbonisation Framework which integrates emissions tracking, MRV systems, carbon capture, and climate finance access through carbon markets. These aren’t just policies; they are opportunities for investment, innovation, and inclusive growth.”
