The Nigerian Upstream Petroleum Regulatory Commission has said it is targeting N15trn revenue this year.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed this on Tuesday while addressing newsmen shortly after he was awarded the ThisDay CEO of the Year Award in Lagos State.
Komolafe recalled that the NUPRC surpassed its revenue generation target by about 163 per cent in 2024.
For 2025, he said the commission has a four-point agenda, the first among which is to continue on the path of sustainable growth in its oil and gas production.
He said, “And we all know the importance of that; we’re ramping up federal revenue. Last year, that is for 2024, you remember that the commission achieved and surpassed its revenue generation by about 163 per cent. This year, our target has been increased to about N15trn.
“So, the commission, recognising that, we have equally devised a strategy. Of course, N15trn is so large, but then we are not daunted; we are not intimidated. Rather, we are defining a strategic approach to achieve that target,” he disclosed.
With the release of its regulatory action plan rolled out in the first week of January, he noted that the NUPRC is proactive and focused on ramping up oil production.
“And you could see that, at least, we are witnessing a positive turnaround in the sense that our production has grown. We’ve recorded some level of growth at the moment, moving from about 1.4 million barrels per day to 1.75 mbpd, including condensate,” he stated.
He also disclosed that the commission will later kick off the 2025 licensing bid round after concluding that of 2024.
He continued, “In that regulatory action plan, we equally marched out the fact that we were going to conclude the licensing round. That is concluding the one we started in 2023 up to 2024. And you could see that by December, we succeeded in completing the licensing round. Don’t forget the fact that one of the ways by which we grow national oil production, as prescribed in the Petroleum Industry Act, is to conduct licensing bid rounds. Even though the Act did not prescribe it to be annual, at least we were able to conclude that.
“In October last year, we launched the project for one million additional barrels of production. That project is one of our major programmes for 2025 as a commission. So, the idea behind the programme is to create a one-stop shop by which players within the ecosystem in the upstream can add value. We can pull the strength of all value players along the value chain to increase our production.”
Speaking about transparency in the upstream, he stressed that the commission is committed to sustaining transparency in hydrocarbon accounting through the digitalisation of the industry.
“Of course, you will equally recall that there is this advanced cargo declaration programme and the metering programme, all aimed at blocking leakages and optimising transparency in the industry. So, that becomes another key programme that we are pursuing, believing that if we are able to deliver on the programme, it will complement our effort on the project of 1 million barrels of additional production,” he emphasised.
The NUPRC boss also revealed that the regulator is doing all necessary to sustain its effort at decarbonising the upstream activities, which is in line with the energy transition footprint globally.
This, he said, would be achieved regardless of what the United States President Donald Trump’s agenda is.
“By and large, we are watching the global direction in the industry and the agenda of President Trump. As the regulator, this is to ensure that we steer the industry along the path of sustainability,” he submitted.
