NNPC, NUPRC Commended for Restoring Investor Confidence in Nigerian Oil Industry
The Citizens Forum for Energy Accountability and Development (CFEAD) has praised the Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for significant progress in restoring investor confidence, increasing production, and attracting fresh investments into Nigeria's oil and gas industry.
The group highlighted that recent performance figures announced by NNPC Group Chief Executive Officer Bayo Ojulari showed that institutional reforms and improved operational discipline were beginning to produce measurable results across the petroleum sector.
CFEAD noted that the reported $20 billion worth of gas sale and purchase agreements secured by NNPC in the past year represented a major vote of confidence in Nigeria's energy market, signifying renewed interest from international investors in Nigeria's gas resources and the country's long-term energy prospects.
The group also commended NUPRC for its role in implementing policies aimed at unlocking investment in Nigeria's deep offshore oil and gas sector, particularly welcoming the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, which could unlock about $50 billion in investments and increase crude oil and condensate production by an additional one million barrels per day over the coming years.