Tinubu’s reforms in oil, fuel sector ship 28 FDPs price $18bn – NUPRC

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has revealed that President Bola Tinubu’s renewed hope aggressive reform agenda has delivered 28 Discipline Improvement Plans (FDPs) with 18.2 billion {dollars} price of funding commitments within the Nigerian oil sector

The Fee Chief Government, Mr Gbenga Komolafe disclosed this on Tuesday on the Africa Oil Week, held in Accra, Ghana.

Komolafe in an announcement by Eniola Akinkuotu, Head, Media and Strategic Communications, NUPRC, attributed these feats to Tinubu’s renewed hope imaginative and prescient.

The NUPRC chief mentioned that the achievement underscored the attractiveness of the upstream sector.

He mentioned the Fee had permitted 28 new Discipline Improvement Plans this 12 months, whereas unlocking 1.4 billion barrels of oil and 5.4 TCF of fuel, and including an anticipated 591,000 barrels of oil per day and a couple of.1 BSCFD of fuel.

Komolafe, whereas presenting a paper titled ‘Nigeria’s Aggressive Reform Agenda for Unlocking Potentials in Upstream Oil & Gasoline’, reiterated the significance of vitality safety because the cornerstone of financial development and shared prosperity in Africa.

He mentioned Nigeria’s new vitality regime beneath the Petroleum Trade Act (PIA 2021), ushered in a brand new period of governance, fiscal reform, and institutional realignment.

The CCE mentioned the NUPRC, which is birthed beneath the brand new regime, had proven itself as a devoted and forward-thinking regulator.

In practically 4 years, the CCE mentioned that the NUPRC had inside 4 years rolled out 24 transformative laws, 19 of which had been gazetted to operationalise key provisions of the PIA.

In response to him, the NUPRC has unveiled a complete Regulatory Motion Plan (RAP), aligned with the PIA, to deal with regulatory bottlenecks, vacate entry obstacles, and guarantee well timed and clear licensing rounds.

He mentioned the transformative initiatives of the Fee had delivered outcomes, together with elevating rig counts from eight in 2021 to 43 as of September 2025.

“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into probably the most dynamic and engaging upstream funding frontiers on the earth.

“Different outcomes embrace the 5 billion FID for the Bonga North deep offshore improvement and the five hundred million {dollars} Ubeta Gasoline Challenge which signaled renewed long-term commitments.

“There are extra FIDs anticipated in initiatives like HI NAG Improvement, Ima Gasoline, Owowo Deep Offshore, and Preowei Fields.

“Since taking workplace, President Bola Ahmed Tinubu, has additionally permitted 5 main acquisition offers price over 5 billion {dollars}, unlocking alternatives for formidable indigenous gamers,” he mentioned.

He mentioned that latest bid rounds and concession awards, reminiscent of 57 PPL awards in 2022, the 2022 Mini-Bid Spherical, and the 2024 Licensing Spherical, had been executed with unprecedented transparency and competitiveness, drawing distinctive investor participation.

He mentioned optimising signature bonus necessities and removing of obstacles to entry ensured wider accessibility, leading to 27 out of 31 blocks supplied in 2024 being efficiently taken up.

“This affirms that Nigeria immediately stands on the daybreak of a brand new period which is outlined by readability, competitiveness, and confidence.

(NAN)-