The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has restated its commitment to creating a robust, investor-friendly regulatory framework to attract capital inflows and accelerate the growth of the country’s oil and gas industry.
This assurance was delivered during a technical workshop held in Abuja, themed: “Harnessing the Potentials of Deep Shallow Water Oil and Gas Accumulations through Cluster Nodal Development in Nigeria.”
Speaking on behalf of the Commission’s Chief Executive, Mr. Gbenga Komolafe, the Executive Commissioner for Economic Regulations and Strategic Planning, Mr. Fasina, noted that Nigeria has an estimated 5.13 billion barrels of oil and 13.53 trillion cubic feet of gas yet to be tapped in its deep and shallow water basins.
He stressed the need for a coordinated and pragmatic approach to unlocking these vast hydrocarbon resources as a means to boost national production, attract foreign direct investment, and ensure long-term energy security.
“The Cluster Nodal Development model presents a viable path to monetize stranded offshore assets and enhance value-chain integration,” Fasina said, reaffirming NUPRC’s resolve to improve the ease of doing business and ensure regulatory clarity for investors.
Participants at the workshop, including industry professionals, regulators, and investors, described the event as a crucial platform for knowledge exchange, stakeholder collaboration, and strategic partnerships aimed at unlocking Nigeria’s offshore energy potential.
Experts at the session emphasized the strategic role of deepwater gas in meeting Nigeria’s rising domestic energy demand, reducing reliance on imported fuels, and supporting broader economic transformation.
The forum also spotlighted the role of infrastructure development, regulatory consistency, and innovative funding models in harnessing the full value of Nigeria’s untapped offshore reserves.
The workshop forms part of NUPRC’s broader agenda to ensure optimal exploitation of Nigeria’s hydrocarbon resources in line with the goals of the Petroleum Industry Act (PIA) and the Federal Government’s energy transition plans.
Reporting by Rabo Bako