Federal Government don reduce the oil signature bonus from about $100 million to $10 million as part of plan to reach 2.5 million barrels per day crude oil production by 2027.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, yarn this one for Lagos during the Nigeria Association of Energy Correspondents (NAEC) Conference 2025 wey happen on Thursday.
Komolafe talk say President Bola Tinubu approve the new rate during the 2024 mini-bid round so that investors fit get more money to take develop their oil fields.
He say the decision don boost investor confidence and make Nigeria look like serious country for global oil business.
He talk say NUPRC don also put eye for production increase and recovery boost. Dem don review field development plans, support brownfield operations, and reopen shut-in wells — all this one don bring new life to old oil fields.
Komolafe say these efforts go add more than one million barrels per day to current production, wey go help Nigeria meet the 2.5 million barrels per day target before 2027.
He also mention say crude oil theft don reduce by 90 percent — from 102,000 barrels per day for 2021 down to 9,600 barrels per day by September 2025 — thanks to new monitoring rules and better collaboration with security agencies and local communities.
The Commission don also open more than 90 Host Community Development Trusts (HCDTs) across Niger Delta to make sure say oil money dey reach the real communities.
“This model dey bring peace, stability, and steady production,” Komolafe talk.
He add say the progress for the oil sector no be by luck but from deliberate regulatory plan wey base on transparency, inclusion, and efficiency.
On top gas matter, Komolafe talk say government dey push the “Decade of Gas” project to promote industrialisation and clean energy transition.
“Natural gas na our best move for energy change. E go power industries, generate light, and replace dirty fuel,” he talk.
He still note say even as renewable energy dey grow, oil and gas still go remain important for countries like Nigeria wey dey build their economy.
“As we dey look front, we go continue to sustain production, hit 2.5 million barrels per day by 2027, and protect our energy infrastructure with transparency and accountability,” Komolafe conclude.
