The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has assured investors of continued reforms aimed at strengthening accountability, improving assets security and the regulator is also focused on promoting deep-water cluster development.
The NUPRC Chief said this on Wednesday at the 24th NOG Energy Week 2025, held in Abuja.
Komolafe spoke on ‘Positioning Nigeria’s Upstream Oil & Gas for Energy Security, Sustainability, and Economic Resilience.’
The CCE said oil and gas supply over 50 per cent of global energy needs, adding that sustaining the demand would require $640bn in annual upstream investment through 2030, over $4tn cumulatively.
According to him, the Nigeria government is aware of the implications of not meeting the investment targets needed to sustain the industry.
As part of moves to make the industry attractive, the CCE said that the government has upscaled its oil asset protection strategy.
“Protection of assets is also paramount. With 37 new evacuation routes approved and working closely with security agencies, we are curbing theft and boosting accountability,” Komolafe told investors.
He added, “We had a thought-provoking dialogue as we examined the evolving dynamics of the oil and gas landscape and the immense potentials of Nigeria’s deep-water frontier. Together, we
underscored the critical role that deep-water exploration must play in securing our nation’s energy future.
“That dialogue laid the groundwork for a renewed call to deepen investment in deep water as well as other terrains, to position Nigeria as a global energy leader.”
“On the social front, our HostComply platform has brought transparency, real and measurable benefits to oil-producing communities, fostering peace and social license to operate.
“At the same time, our full-scale digitisation efforts are transforming regulatory oversight, delivering speed, efficiency, and clarity to investors.”
He said the NUPRC is turning the pledge to achieve net-zero emissions by 2060 into reality.
He said, “Our gas-centric transition strategy, supported by initiatives like the Decade of Gas, the NGFCP, and the Presidential CNG Initiative, aims to eliminate routine flaring by 2030, reduce methane by 60 per cent by 2031, and monetize our vast gas reserves, creating thousands of green jobs in the process.
“Nigeria is building LNG capacity, deploying floating infrastructure, and leading cross-border pipeline development to fuel not only its own economy, but Africa’s industrial renaissance.
“Further anchoring this ambition is Nigeria’s Upstream Decarbonisation Framework which
integrates emissions tracking, MRV systems, carbon capture, and climate finance access through carbon markets.
“These aren’t just policies; they are opportunities for investment, innovation, and inclusive growth.”
The CCE said the NUPRC is enabling emissions reductions to become revenue streams through a new ecosystem of carbon services, including monitoring, consulting and tech deployment.
The CCE further pledged to “focus on deepening upstream investment, accelerating reserve development, scaling up production, and enhancing domestic energy security and sustainable
growth.”
He added that NUPRC will, “Sustain transparent, competitive licensing rounds under the Continuous Acreage Licensing Framework.
“Accelerate frontier basin exploration and de-risking. Fast-track reactivation of shut-in assets. Drive the 1MMBPD initiative through aggressive rig deployment, asset reactivation, streamlined approvals, and enhanced recovery techniques.
“Expand evacuation infrastructure to protect production. Deploy the Advance Cargo Declaration System to curb theft and improve transparency in export.”
On regional cooperation, the CCE said the NUPRC is leading the effort to drive regulatory convergence through the African Petroleum Regulators’ Forum (AFRIPERF).
Komolafe said, “Regionally, the NUPRC is also leading efforts to integrate Africa’s energy markets. Through AFRIPERF, we are driving regulatory convergence, cross-border financing, and infrastructure interoperability.
“Our collaboration with the Africa Energy Bank ensures that transition capital reaches the right projects, for the right reasons, across the continent.”