The Citizens Forum for Energy Accountability and Development (CFEAD) has commended the Nigerian National Petroleum Company Limited (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for what it described as significant progress in restoring investor confidence, increasing production and attracting fresh investments into Nigeria’s oil and gas industry.

The group said recent performance figures announced by NNPC Group Chief Executive Officer, Bayo Ojulari, and NUPRC Commission Chief Executive, Oritsemeyiwa Eyesan, showed that institutional reforms and improved operational discipline were beginning to produce measurable results across the petroleum sector.

In a statement signed by its Executive Director, Patriot Unazi Gideon, CFEAD said 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.

Gideon said the agreements were more than commercial transactions, arguing that they signalled renewed interest from international investors in Nigeria’s gas resources and the country’s long-term energy prospects.

Ojulari had disclosed that the agreements covered 1.29 billion standard cubic feet per day of long-term liquefied natural gas feed gas and 750 million standard cubic feet per day of domestic industrial gas supply to DFL FZE and Dangote Refinery.

He also said seven additional commercial transactions were in the pipeline.

CFEAD also commended NNPC for reportedly reducing operating costs by $3.4 billion through contract restructuring and optimisation, while crude oil production increased by six per cent and gas production rose by 8.1 per cent.

The group said the reported increase in crude production to about 1.71 million barrels per day, described as the highest level in five years, was particularly significant given the production challenges that have affected Nigeria’s petroleum industry over the years.

According to CFEAD, higher production could strengthen government revenue, support public services and improve economic activity if the gains are sustained.

The organisation also highlighted NNPC Exploration and Production Limited’s reported record production of 365,000 barrels per day and an average recovery rate of 98 per cent across NNPC’s five crude oil export terminals between April 2025 and May 2026.

CFEAD said the figures suggested that improved operational efficiency could help recover value previously lost through production disruptions, infrastructure challenges and inefficient processes.

The group similarly praised the NUPRC for its role in implementing policies aimed at unlocking investment in Nigeria’s deep offshore oil and gas sector.

It particularly welcomed the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, which the commission said 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.

CFEAD said the incentive could help address the high capital requirements and lengthy investment cycles associated with offshore petroleum projects.

The group also identified the $10 billion Bonga South project, which is expected to commence production in 2027, as an example of the scale of investment that could emerge from a more predictable regulatory environment.

It said the benefits of deep offshore projects could extend beyond crude production to areas including marine services, logistics, engineering, technology transfer and skills development.

However, CFEAD cautioned that increased oil and gas production must ultimately translate into tangible benefits for Nigerians.

The group said the success of petroleum reforms should be measured not only by investment figures and production statistics, but also by their impact on government revenue, employment, energy security, industrial activity and economic stability.

It urged NNPC and NUPRC to sustain the reform momentum while maintaining transparency, accountability and institutional independence.

CFEAD also called on oil-producing communities, operators, investors, security agencies and other stakeholders to support efforts to increase production and attract additional investment into the sector.

The organisation warned against a return to policy uncertainty, political interference and unnecessary bureaucracy, arguing that consistency would be essential to sustaining investor confidence.

It further urged NNPC and NUPRC to improve communication around their reforms and performance, saying greater public understanding would be necessary to build confidence in the sector.

CFEAD said the recent indicators of increased production, investment and operational efficiency represented an opportunity for Nigeria to strengthen its petroleum industry and use the sector as a platform for broader economic development.

The group, however, stressed that the gains would need to be sustained and translated into wider prosperity for Nigerians.