The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a ₦12.2 trillion revenue boost in 2024, marking one of the sector’s most significant financial upswings in recent years. This surge is largely attributed to intensified oil field regulation, licensing reforms, and improved compliance across the upstream sector. The announcement underscores Nigeria’s renewed focus on maximizing … Read more
Federal Government (FG) ends speculative oil field licensing in Nigeria, signaling a shift toward operational transparency and economic growth. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced this policy to curb the trend of companies holding oil blocks without development. For years, these licenses encouraged hoarding rather than investment. However, the new directive demands commitment … Read more
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a stern directive to exploration and production companies, emphasizing the importance of adhering to their Crude Oil Supply Obligations for local refineries. The commission stated that any company found failing to meet its domestic crude supply commitments would face serious consequences, including the denial of export … Read more
Experts, policymakers, and stakeholders recently gathered in Abuja for a high-level symposium focused on the future of Nigeria’s oil and gas industry, which has been a key driver of the nation’s economy for nearly 70 years. The event addressed critical issues such as environmental challenges, socio-economic impacts, and security concerns, with the goal of creating … Read more
Public analyst Nelson Adanna has addressed recent concerns raised by Blessing Agbomhere, a member of the Labour Party, regarding the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Agbomhere, in an article published on an online news platform, questioned the fairness and inclusivity of the 2024 oil licensing and the 2022/23 Mini Bid Round for oil blocks … Read more