The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has charged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sustain its ongoing reforms, attract more investments and increase Nigeria’s crude oil production.
Lokpobiri gave the charge on Tuesday while speaking at the 5th anniversary commemoration of the NUPRC, where he commended the commission for its achievements in the upstream petroleum sector over the past five years.
The Minister, according to a statement by his Special Adviser on Media and Communications, Nneamaka Okafor, recalled that when the Renewed Hope Administration assumed office in 2023, Nigeria’s oil production stood at approximately one million barrels per day, while the number of active drilling rigs was fewer than 10.
He noted that the subsequent rise in drilling activities to more than 70 active rigs represented a significant milestone, stressing that sustained drilling was critical to securing the country’s future production capacity.
“The drilling campaigns of today will account for the production capacity in years to come,” he said.
Lokpobiri recalled that NUPRC was only two years old when the administration came into office and was faced with several regulatory and operational bottlenecks.
He said his guiding principle had been that the commission should not be judged merely by the number of regulations it implements, but by the businesses and investments its policies enable.
“NUPRC will not be judged by the number of regulations implemented, but by the number of businesses enabled,” the Minister stated.
He disclosed that Nigeria remained richly endowed with petroleum resources, with official oil and condensate reserves standing at 37.01 billion barrels as of January 1, 2026.
However, he stressed that the availability of reserves alone could not translate into economic benefits unless the resources were effectively explored, developed and produced.
The Minister attributed the renewed interest in Nigeria’s petroleum sector to ongoing reforms aimed at creating a more competitive, transparent and predictable business environment under the leadership of President Bola Ahmed Tinubu.
While commending NUPRC for its progress, Lokpobiri urged the commission to sustain the momentum by unlocking more barrels, facilitating new businesses, accelerating investments and leveraging Nigeria’s strategic position to attract more capital into the petroleum industry.
He also called for timely and decisive regulatory processes, warning that unnecessary delays could discourage investors who have several other jurisdictions to choose from.
According to him, Nigeria must remain competitive by providing an environment where investors can make decisions quickly and deploy capital efficiently.
Source: Business Archives – New Telegraph
