This revenue projection comes amid the commission’s renewed commitment to achieving zero gas flaring in Nigeria’s oil and gas sector.
The Chief Executive of the Commission, Gbenga Komolafe, disclosed this yesterday while addressing newsmen shortly after he was awarded the ThisDay Chief Executive Officer (CEO) of the Year Award in Lagos State.
The NUPRC’s revenue target aligns with ongoing efforts to expand Nigeria’s upstream operations, increase crude oil production, and optimise gas resources for domestic and international markets.
Komolafe highlighted that the Commission exceeded its 2024 revenue generation target by approximately 163 per cent. He noted that for 2025, the Commission has outlined a four-point agenda, with the primary focus on sustaining growth in oil and gas production.
“This year, our target has been increased to about N15 trillion. So, the commission recognised that we have equally devised a strategy. Of course, N15 trillion is so large, but then we are not daunted; we are not intimidated. Rather, we are defining a strategic approach to achieve that target,” he disclosed.
Komolafe stated that the Nigeria Gas Commercialisation Programme is one of the key initiatives under close monitoring. He expressed confidence that with diligent implementation, the country would begin to witness a significant reduction in gas flaring by 2025.
“We are very much committed as a commission to the effective implementation of the programme. So, that should have a positive effect on gas flaring,” he said.
With the release of its regulatory action plan rolled out in the first week of January, he noted that the NUPRC is proactive and focused on ramping up oil production.
He highlighted a positive turnaround in production, noting a current increase from approximately 1.4 million barrels per day to 1.75 million barrels per day, including condensate.
He revealed the commission plans to commence the 2025 licensing bid round after finalising the 2024 process. He emphasised that the regulatory action plan outlined the commission’s commitment to concluding the licensing round initiated in 2023 and carried into 2024.
He said: “Don’t forget the fact that one of the ways by which we grow national oil production as prescribed in the Petroleum Industry Act (PIA) is to conduct licensing bid rounds. Even though the Act did not prescribe it to be annual, at least, we were able to conclude that.
“In October last year, we launched the Project 1-million-barrel additional production. That project is one of our major programmes for 2025 as a commission. So, the idea behind the programme is to create a one-stop shop by which players within the ecosystem in the upstream, can add value. We can pull the strength of all value players along the value chain to increase our production.”
