NUPRC Targets Restoration of 788,000bpd Shut-in Production

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a target to restore more than 788,000 barrels per day of shut-in oil production as part of efforts to increase Nigeria’s upstream output and unlock fresh investment in the sector.

The commission’s chief executive, Mrs Oritsemeyiwa Eyesan, disclosed this at the NUPRC’s fifth anniversary ceremony in Abuja, where she outlined the regulator’s priorities for the next phase of the petroleum industry.

Mrs Eyesan said the commission would also focus on moving offshore projects valued at between $30 billion and $50 billion to final investment decision (FID), while increasing domestic gas delivery from about two-thirds of operators’ obligations to full compliance.

“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.

At the event, Mrs Eyesan launched the Nigeria 2026 Licensing Round, offering 40 oil and gas blocks across land, shallow-water and deepwater terrains.

She said the blocks would be open to investors with the technical competence, financial capacity and commitment required to develop Nigeria’s petroleum resources.

According to her, the licensing guidelines were developed in line with recommendations from the Nigeria Extractive Industries Transparency Initiative (NEITI) and would provide detailed evaluation methodology, fuller publication of results and disclosure of the beneficial owners of all bidders.

The NUPRC is expected to publish details of the available blocks, qualification requirements and participation procedures on its website and dedicated licensing-round portal.

Mrs Eyesan urged qualified Nigerian and international investors to participate in the process, saying, “Bring your best ideas, your best partners and your best bids. May the best bids win.”

Mrs Eyesan said the PIA and executive orders issued by President Bola Tinubu had improved transparency and predictability in the upstream sector over the period.

President Tinubu, who is also Minister of Petroleum Resources, approved the launch of the licensing round and was represented at the event by Vice President Kashim Shettima.

Also present were Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; NUPRC Board Chairman, Magnus Abe; NNPC Ltd Group Chief Executive Officer, Bayo Bashir Ojulari; Senate Committee on Gas Chairman, Agom Jarigbe; and Nigeria’s OPEC Governor, Ademola Adeyemi Bero.

The Commission also honoured former directors of the defunct Department of Petroleum Resources, its pioneer leadership and former National Assembly leaders involved in the passage of the PIA.

It also unveiled a special edition of The Upstream Gaze magazine and a documentary chronicling its first five years.