The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted ongoing reforms aimed at improving oil production and achieving energy efficiency in the country.

The Commission’s Chief Executive Officer (CCE), Gbenga Komolafe, expressed optimism about the Commission’s forward agenda which includes: sustaining competitive licensing rounds, accelerating frontier basin exploration; fast-tracking the reactivation of shut-in and dormant assets;

Speaking at the 50th Anniversary celebration of the Nigerian Association of Petroleum Explorationists (NAPE), in Lagos, Komolafe stated that with 210.54 trillion cubic feet of natural gas reserves, and 37.28 billion barrels of crude oil, Nigeria which currently produces approximately 1.8 million barrels of oil and 8 billion standard cubic feet of gas per day, can increase its production to 3 million barrels of oil and 12 billion standard cubic feet of gas per day.

According to him, realizing these ambitious targets require sustained investment to unlock untapped basins, advance the development of mature and frontier fields, and establish critical oil and gas infrastructure to secure future energy needs as well as support the demands of the growing population.

“The above narratives underscore the vast opportunities within Nigeria’s upstream oil and gas sector, driven by transformative reforms under the PIA, Presidential Executive Orders, supportive policies, tax incentives, and ongoing infrastructure improvements.

“With abundant natural resources, and a large, youthful, future-ready and innovative workforce, Nigeria stands as a compelling and competitive destination for both existing investors and new entrants seeking to participate in our dynamic and promising energy landscape.

“There are new frontier opportunities in onshore, shallow water and deep offshore blocks, especially in underexplored basins, enabled by our new licensing rounds regime.

“There are also other vast and compelling transformative opportunities particularly in natural gas development, gas-to-power initiatives, Liquefied Natural Gas (LNG) projects, FLNGs and Compressed Natural Gas (CNG) transportation infrastructure, aimed at enhancing both export capacity and domestic energy supply.

“In addition, attractive green investment prospects exist in decarbonisation technologies and renewable energy solutions, as well as a wide range of other investment and business opportunities in project financing, investment and technical services”, he said.

He noted that despite the fact that infrastructure deficits and investment apathy, fuelled by the global energy transition and environmental concerns, still exist, they are not insurmountable, adding that with well-informed strategies and robust collaboration across local and regional stakeholders, these obstacles can be effectively addressed.

He was optimistic about the Commission’s forward agenda which includes: sustaining competitive licensing rounds, accelerating frontier basin exploration; fast-tracking the reactivation of shut-in and dormant assets; advancing the 1MMBPD initiative; expanding evacuation infrastructure to secure production volumes; deploying the Advanced Cargo Declaration System to curb crude theft and improve export transparency; guaranteeing steady domestic crude supply to refineries; enforcing Executive Orders #40–42 to boost commercial viability, operational efficiency, and local content participation; advancing social investment, and regional energy integration; operationalizing our decarbonisation strategies and enabling carbon market participation, and deepening gas commercialisation efforts across all initiatives.

Komolafe, who spoke on the keynote Address “Evolution of Oil and Gas Revolution In Nigeria: Opportunities achievements and Regulatory Strategies for upstream resources optimization “, commended NAPE for its landmark achievements for the past five decades in the oil and gas sector

“It is with deep appreciation and thoughtful reflection that I join you in celebrating NAPE’s 50th Anniversary, a remarkable milestone in the journey of an institution that has been the intellectual engine and professional cornerstone of Nigeria’s upstream oil and gas sector.

“For five decades, NAPE has stood as a pillar of geoscientific excellence, driving strategic exploration, advancing industry knowledge, and building critical bridges between academia, government, and the energy sector. This golden jubilee, themed “NAPE @ 50: Pioneering the Future of Energy in Africa,” is far more than a celebration; it marks a defining moment to reaffirm our shared commitment to building a resilient, innovative, and forward-looking energy future for Nigeria and the African continent.

“As we mark NAPE’s golden jubilee, we are reminded that this celebration is not just about the past, but about charting the course for the future. The regulatory evolution in Nigeria’s upstream sector has laid the foundation for a more resilient, transparent, and investor-ready enerugy landscape.

“Let us recommit ourselves to deepening our exploration frontiers and translating resources into inclusive prosperity”, he said.

Komolafe, who was honoured with the “Corporate Partner Energy Policy Reform Award”, said the transformative impact has been remarkable adding that the nation’s oil and gas sector has seen a significant surge in investment through new investors, empowered by clarity and quality in the sector.

“Oil and Gas reserves and production have increased, while rig counts have surged from 8 in 2021 to 43 currently, with projections to reach 50 by the end   of the year. This momentum reflects a bold new chapter; one driven by ambition, resilience, and opportunity”, he said.