The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has stated that the Gas sector attracted investments worth $16bn in the past two years.
Speaking during the sidelines of the Nigerian Oil and Gas Week in Abuja, NUPRC's Commission Chief Executive (CCE), Engr. Gbenga Komolafe, said this was made possible due to several reforms made by the Federal government to ease business in the sector.
"Under the decisive leadership of President Bola Ahmed Tinubu, Nigeria is undergoing a historic energy sector transformation. The Petroleum Industry Act (PIA) of 2021 laid the foundation for this reform.
The 2024 Executive Orders: #40 on fiscal incentives, #41 on local content, and #42 on cost efficiency and contract timelines, have catalyzed massive investment inflows. Over $16 billion has been committed in just two years. Oil and gas have continued to supply over 50% of global energy needs, a figure expected to hold through 2050.
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He added that through the Project One Million Barrels initiative, it is scaling up Nigeria's production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies etc.
He said the initiative targets an increase from 1.46 million to 2.5 million barrels per day by 2026 and with 1.7 million bpd already achieved, the strategy is yielding results.
"Protection of assets is also paramount. With 37 new evacuation routes approved and working closely with security agencies, we are curbing theft and boosting accountability. Meanwhile, our drive on domestic crude supply obligation is guaranteeing feedstock for local refineries, strengthening domestic supply chains and economic resilience.
