NUPRC Targets Restoration Of 788,000bpd Shut-in Output

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has set its priorities for the next phase of the industry to bring back more than 788,000 barrels per day of shut-in production, move offshore projects worth up to $50 billion to final investment decision, and push domestic gas delivery to full compliance.

The chief executive of the NUPRC, Oritsemeyiwa Eyesan, said this at the Commission’s fifth anniversary ceremony in Abuja.

“Our licensing will be regular and predictable. Our focus will be on what moves the numbers: restoring the more than 788,000 barrels per day of shut-in production identified across 63 operators; taking offshore projects valued at an estimated $30 billion to $50 billion to final investment decision; and raising domestic gas delivery from about two-thirds of the domestic obligation to full delivery,” she said.

Eyesan used the occasion to launch the Nigeria 2026 Licensing Round, which offers 40 blocks across land, shallow water and deep water terrains. She said the blocks are open to investors with the technical competence, the financial capacity and the commitment to develop Nigeria’s petroleum resources.

She said the guidelines, drawn up in line with the counsel of the Nigeria Extractive Industries Transparency Initiative (NEITI), will set out the evaluation methodology in full, provide for fuller publication of results, and require disclosure of the beneficial owners of every bidder.

In the coming days, the Commission will publish full details of the blocks, the qualification requirements and the participation procedures on its website and a dedicated licensing round portal.

“So, I invite qualified Nigerian and international investors to come and compete. Bring your best ideas, your best partners and your best bids. May the best bids win,” Eyesan said.

The event was themed “From Uncertainty to Stability: Unlocking the Next Phase of Investment.” Eyesan said the Petroleum Industry Act and President Bola Tinubu’s executive orders had brought transparency and predictability to the upstream sector over the past five years.

The launch was made with the approval of President Tinubu, who is also Minister of Petroleum Resources.

At the event, the NUPRC honoured past directors of the defunct Department of Petroleum Resources, its pioneer leadership, and former National Assembly leaders who helped pass the PIA, including former Senate President Ahmad Lawan and former Speaker Femi Gbajabiamila.

The Commission also unveiled a special edition of its magazine, The Upstream Gaze, and a documentary on its first five years.

President Tinubu was represented by Vice President Kashim Shettima. The OPEC Governor for Nigeria, Ademola Adeyemi Bero, delivered the lecture.

Others present were the chairman, Senate Committee on Gas, Senator Agom Jarigbe; the minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; the chairman of the NUPRC Board, Senator Magnus Abe; and the group chief executive officer of NNPC Ltd, Engr. Bayo Bashir Ojulari.