NUPRC Eyes $17.67bn Five-Year Investments in Upstream, 2.12bn Barrels Oil, 13.13tcf Gas Recovery

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday projected an investment inflow of about $17.67 billion into the upstream petroleum sector with an expected cumulative 2.12 billion barrels of oil and 13.13 trillion Cubic Feet (TCF) of gas production in the next five years. The Chief Executive Officer of the commission, Gbenga Komolafe announced this during his keynote presentation on the third day of the ongoing 7th Nigerian International Energy Summit (NIES), in Abuja, with the theme: “Navigating the New Energy World Order: Security, Transition, and Finance.” He said the expected investments and production growth resulted from 51 Field Development Plans (FDPs) approved between 2022 and 2023. He also disclosed that about $2.5 billion was invested in 175 well drillings while about $2.68 billion investment was recorded in 842 well work-overs and other interventions between 2022 and 2023.