The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has said that the transparent bid rounds in 2022 and 2024 has repositioned Nigerian as a global investment hub for oil and gas.
He said the commission is positioning Nigeria as a resilient, reform-driven, and investment-ready destination at the heart of Africa’s energy renaissance.
The NUPRC boss said this on Wednesday at the 2025 Africa Energies Summit in London, United Kingdom.
THE WHISTLER can report that the investor call was convened by the Frontier Energy Network.
Recall that in 2024, the NUPRC used the event to unveil Nigeria’s 2024 Licensing Round, which attracted interest from multinationals.
Speaking on Wednesday, Komolafe said the investor call was a powerful reaffirmation of Nigeria’s shared vision to strengthen energy security as the cornerstone of economic growth, national resilience, and social prosperity in line with the vision of the Bola Tinubu administration.
He said that as the world races for a low-carbon future, the demand for energy in the African continent will surge by 30 per cent by 2040, demanding massive upstream investment of up to $600bn.
“Interestingly, the global community increasingly recognizes that the path to net zero must be just, inclusive, and region-specific.
“Against this backdrop, Nigeria is forging a pragmatic and forward-looking path, recognizing that for Africa, climate action must be intrinsically linked with development and universal energy access,” Komolafe said.
He explained how the 57 PPL Awarded in 2022, the 2022 Mini-Bid Round, and the 2024 icensing Round have reshaped Nigeria’s energy landscape.
He said, “Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.
“Collectively, they have repositioned Nigeria as a prime destination for oil and gas investment, while reaffirming our commitment to global standards of excellence, innovation, and partnership.
“Our oil and gas sector has seen a significant surge in investment. New investors, empowered by clarity and quality, have entered our sector, oil and gas reserves and production have increased, while rig counts have surged from eight in 2021 to 36 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. With 210.54 trillion cubic feet of natural gas reserves, the largest in Africa, and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.”
He said these were achieved with the help of the Petroleum Industry Act, 2021, which brought certainty in the industry, high-quality geological and technical data.
The NUPRC boss disclosed that the national production target is 3 million barrels per day, adding that achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match the country’s growing population.
Komolafe said the NUPRC embarked on one of Africa’s most ambitious data acquisition and reprocessing campaigns, acquiring over 11,000 square kilometers of 3D seismic data as part of the broader 56,000 sq km Awalé Project.
The NUPRC boss said, “This initiative, alongside reinterpretations of 2D seismic lines, bathymetric surveys, and legacy well data, has brought unprecedented clarity to Nigeria’s basins and significantly de-risked exploration.
“Beyond the unprecedented accessibility to high-quality subsurface data, Nigeria’s investment climate has been profoundly reshaped through bold and investor-focused reforms.
“Under the visionary leadership of President Bola Ahmed Tinubu, GCFR, and guided by the Petroleum Industry Act (PIA), Nigeria has introduced a suite of attractive incentives that include globally competitive fiscal terms, more efficient regulatory processes, and the elimination of prohibitive entry barriers to promote and attract viable investment to the oil and gas sector.”
