NUPRC Showcases Nigeria’s Upstream Reforms At the 2025 Africa Energies Summit

At the 2025 Africa Energies Summit held in London from May 14-16, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, showcased Nigeria’s upstream reforms.

Speaking at the 2025 Africa Energies Summit, NUPRC Chief Executive Officer Gbenga Komolafe stated that reforms in transparency, data access, and regulatory overhaul are attracting renewed oil and gas investments in Nigeria.

Citing the International Energy Forum (IEF), the NUPRC chief executive stated that Africa’s energy needs will rise by 30% by 2040 amid rapid population growth, industrial ambition, and the rightful quest for universal energy access.

According to a 2024 study by the International Energy Forum (IEF), meeting this demand will require over $600 billion in upstream investments.

Therefore, he highlighted that through reforms, Nigeria can tap into the projected $600 billion annual upstream investment. According to analysts, it will hit about $3 trillion by 2030.

NUPRC Reforms At the 2025 Africa Energies Summit

Komolafe told energy leaders and investors at the summit that Nigeria’s upstream sector transformation is anchored on three core pillars. These include transparent licensing rounds, quality subsurface data, and regulatory changes enabled by the Petroleum Industry Act (PIA).

Regarding quality subsurface data, NUPRC reiterated its push to restore confidence by providing investors access to reliable geological data. This data is critical for energy companies to make informed exploration and development decisions.

To achieve success, NUPPRC mentioned its landmark partnership with TGS-PetroData and other multi-client service providers. These service providers will assist NUPRC in acquiring over 11,000 square kilometres of 3D seismic data as part of the broader 56,000 square kilometres Awalé Project.

Furthermore, NUPRC added that the National Data Repository is key in improving investor due diligence.

The National Data Repository is home to one of Africa’s most comprehensive seismic databases. It stores records from over 10,000 wells to enable thorough technical due diligence

Access to high-quality data will reposition Nigeria as one of the most data-rich and investment-ready destinations.

Komolafe noted that the recent Presidential Executive Orders will transform Nigeria into an attractive destination for oil & gas investments.

On 28 February 2024, President Tinubu signed three Executive Orders to improve the investment climate and position Nigeria as the preferred investment destination for the Petroleum Sector in Africa.

The Executive Orders included:

• Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024
• Presidential Directive on Local Content Compliance Requirements, 2024
• Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024

Strategic Roadmap for the Oil and Gas Sector

Nigeria has massive reserves, 210.54 TCF of proven gas reserves and 37.28 billion barrels of crude oil reserves.

Komolafe stated that the NUPRC launched the “Project 1 Million Barrels per Day” initiative to consolidate the momentum. The initiative aims to increase daily crude oil production by over one million barrels beyond the October 2024 baseline.

Since the launch of the project, Nigeria has achieved a substantial increase in daily production. Oil production hit 1.68 million barrels per day in April, up from 1.53 million barrels per day in October 2024.

Regarding oil production, Nigeria wants to boost output to over 2 million bpd by 2027 and 3 million bpd by 2030.

On the gas front, Nigeria wants to increase production to 10 BCF by 2027 and 12 BCF per day by 2030.