The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is working to restore more than 788,000 barrels of crude oil production per day from inactive operations as part of efforts to increase Nigeria’s oil output and attract fresh investments into the sector.
The commission’s Chief Executive, Oritsemeyiwa Eyesan, disclosed this at the annual conference of the Association of Energy Correspondents of Nigeria in Lagos on Thursday.
Eyesan, who was represented at the event, said the affected production volumes had been identified across 63 oil and gas operators. She added that the commission was also working to advance offshore projects worth between $30 billion and $50 billion to final investment decisions.
To accelerate development, the regulator has increased its approval activities. Eyesan revealed that 77 wells had been successfully re-entered, while 128 wells received drilling approval in 2026.
She said the initiatives were designed to increase production, attract investment and strengthen government revenue from the petroleum industry.
The commission has also launched its 2026 oil and gas licensing round, offering 40 assets to prospective investors. The exercise follows previous rounds held between 2022 and 2025 and is aimed at expanding exploration, creating jobs and increasing petroleum output.
Eyesan said the NUPRC was reviewing barriers to investment, including high signature bonuses, while improving access to seismic data to help investors assess the potential of oil and gas assets.
She noted that the previous licensing round attracted interest from nearly 300 companies for 50 oil and gas blocks, with 37 assets eventually taken up.
According to her, the Anambra Basin, Benue Trough, Chad Basin and Benin Basin attracted significant investor interest, indicating growing attention to exploration opportunities outside the Niger Delta.
The assets offered in the 2025 licensing round could add about 500 million barrels to Nigeria’s crude oil reserves and deliver at least 300,000 barrels per day of crude oil and condensate within five years, subject to successful development.
They are also projected to increase the country’s gas reserves by 20 trillion cubic feet and boost daily gas production by 500 million standard cubic feet.
The commission said it would make future licensing procedures more transparent and predictable, with clear requirements for eligibility, bid evaluation and asset awards.
Earlier, the Chairman of the Association of Energy Correspondents of Nigeria, Ugochukwu Amadi, identified high entry costs, limited financing and lengthy approval processes as major challenges facing indigenous oil and gas operators.
He also highlighted persistent electricity sector problems, including weak revenue collection, estimated billing and disruptions to the national grid, which continue to force households and businesses to rely on expensive alternative power sources.
