The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 79 new oil and gas field development plans, attracting nearly 40 billion dollars in fresh investments.
The NUPRC, in a statement marking its fourth anniversary, said 41 plans were approved in 2024 and 38 so far in 2025, signalling rising investor confidence in the nation’s petroleum sector.
It added that the Commission exceeded its revenue targets three years in a row and helped boost crude oil output to 1.65 million barrels per day, with production expected to hit 2.5 million by 2027.
The agency also reported a major jump in rig activity from eight in 2021 to sixty-nine this October, describing the growth as proof that the country was ready for business.
On community development, NUPRC revealed that over ₦358 billion has been remitted into Host Community Trust Funds, financing more than 500 projects across the Niger Delta.
News edited by Favour Owonibi