…$16bn investment attracted in two years

 …95 companies remit N326bn to HCDTs

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the full development of existing oil fields in the country could add over 500 million barrels to Nigeria’s oil reserves.

The Commission Chief Executive, Engr. Gbenga Komolafe, made this known during a presentation at the ongoing NOG Energy Week in Abuja. He noted that policy reforms introduced by the Federal Government have so far attracted $16 billion in capital investment into the sector over the past two years.

According to the latest data from the Commission, Nigeria’s oil reserves stood at 37.28 billion barrels as of December 31, 2024.

Engr. Komolafe also disclosed a sharp rise in the country’s oil rig count, which has increased from just eight rigs post-COVID-19 to 44 as of 2025. He added that the government is collaborating with industry players to further boost rig activity in the coming months.

In a related development, the Commission revealed that 95 oil companies have so far remitted N326 billion to Host Community Development Trusts (HCDTs), in line with the provisions of the Petroleum Industry Act (PIA).

“Remarkably, 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.

“Through the Project One Million Barrels

initiative, we are scaling up Nigeria’s production through reawakening of dormant fields, acceleration of approvals, enhancement of upstream efficiencies etc. Launched in 2024, the initiative targets an increase from 1.46 million to 2.5 million barrels per day by 2026. 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”, he added.

He explained that the Commission was also pushing for energy sustainability in the country, disclosing that Nigeria’s upstream decarbonisation programme has led to capital investments of $1.5 billion.

“Further anchoring this ambition is Nigeria’s Upstream Decarbonisation Framework which integrates emissions tracking, MRV systems, carbon capture, and climate finance access through carbon markets. These aren’t just policies; they are opportunities for investment, innovation, and inclusive growth. In March 2025, we launched the Decarbonisation and Energy Sustainability Forum in Abuja and formally declared March 18th as Nigeria’s Upstream Decarbonisation Day. This annual event will serve as a rallying point for stakeholders to track progress, share knowledge, and accelerate climate aligned development.”

95 companies pay N326bn to HCDTS

Speaking on the status of Host Communities Development Trusts, Komolafe disclosed that so far the Commission has set up 145 Host Communities Trusts with 95 oil companies remitting N326 billion or $1.5 billion into the trusts.

“On the social front, our HostComply platform has brought transparency, real and measurable benefits to oil-producing communities, fostering peace and social license to operate. At the same time, our full-scale digitisation efforts are transforming regulatory oversight, delivering speed, efficiency, and clarity to investors.”