77 Wells Back, 128 Newly Approved: NUPRC Says Silent Transformation Will Hit 3mbpd By 2030

● Vows To Restore 788,000bpd Shut-In Production

The Nigerian Upstream Petroleum Regulatory Commission has declared that a silent transformation is underway in Nigeria’s oil and gas sector that will take the country to three million barrels per day by 2030.

The Commission made the declaration on Wednesday at the Annual Conference of the Association of Energy Correspondents of Nigeria (NAEC) at Eko Hotels and Suites, Lagos.

Speaking at the conference themed ‘Access to Assets: Empowering Players and Driving Growth’, the Commission said the journey to 3mbpd is anchored on aggressive licensing and restoration of shut-in production.

The Commission Chief Executive, Oritsemeyiwa Eyesan, who was represented by the Commission’s Head of Corporate Communications and Media, Lagos Office, Temisan Olatunde, announced that NUPRC has just marked its 5th anniversary and launched the 2026 Licensing Round with 40 assets on offer.

Eyesan disclosed that the Commission has for the last four years conducted back-to-back licensing rounds, including 2022/2023, 2024, 2025 and now 2026, to deepen exploration, create jobs and expand revenue.

To make the rounds attractive, NUPRC said it has, with approval of President Bola Ahmed Tinubu, been reviewing investment barriers, consistently reducing signature bonuses and de-risking assets with world class seismic data.

At the last round, 50 blocks were offered, nearly 300 companies showed interest, and 37 assets were taken including acreages in frontier basins.

For the first time, the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted serious investor interest, proving that investors are now looking beyond the Niger Delta.

According to NUPRC, assets awarded in the 2025 Round alone have the potential to add 500 million barrels to crude reserves, 300,000bpd of crude and condensate in five years, 20 trillion cubic feet of gas reserves and 500mmscf/d of gas.

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The Commission stressed that how awards are made matters, noting that transparency is non-negotiable as these resources are held in trust for generations.

It said criteria were published in advance, bids submitted through a digital portal, opened publicly before press and observers, with independent monitors invited.

For the 2026 Round, NUPRC promised even more consistency, with investment-ready data, clear guidelines on eligibility and evaluation, and a level playing field for Nigerian and international investors, large or small.

Communication channels will be widened via a licensing portal, virtual data room, webinars and help desk where every clarification will be shared with all bidders.

But the biggest bombshell is the Commission’s current priority: restoring more than 788,000 barrels per day of shut-in production identified across 63 operators.

Coupled with that is taking offshore projects valued at $30 billion to $50 billion to Final Investment Decision and raising domestic gas delivery from about two-thirds of obligation to full delivery.

This year alone, at least 77 wells have been successfully re-entered while 128 wells were approved for drilling, a feat aided by Executive Orders from President Tinubu targeting deep offshore investments.

The Commission then appealed to energy correspondents, saying media reportage could either attract or discourage investments, and called for support in the journey of nation building.

NOP NIGERIA