Author: Sasforde

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed a report alleging that Nigeria lost N8.41 trillion to oil theft between 2021 and 2025, insisting that crude oil losses have dropped by more than 90 percent over the period.

In a statement signed by Eniola Akinkuotu, Head of Media and Strategic Communications, the commission described the report, published by one of Nigeria’s dailies (not The Guardian) on Wednesday, September 24, 2025, as a misrepresentation of official data.

According to the NUPRC, the figures cited were derived from a flawed methodology and incorrect exchange rate assumptions.

“In the misleading report, an exchange rate of N1,500/$1 is used from 2021 to 2025 to increase the figures and sensationalise actual losses when in actual fact, Nigeria’s exchange rate was less than N430 on the official market and barely N600/$1 on average between 2021 and mid-2023. The N8.41 trillion is therefore inaccurate,” the statement read.

The commission explained that when it released crude loss statistics earlier this month, it was done in the spirit of transparency and in compliance with the Petroleum Industry Act, 2021. It noted that crude oil theft, which stood at 102,900 barrels per day in 2021, had dropped to 9,600 barrels per day in 2025—the lowest since 2009.

“The collaborative efforts between the NUPRC, the Office of the National Security Adviser, the military, operators and other stakeholders, through both kinetic and non-kinetic means, have yielded results. Losses have been reduced by over 90 percent,” the commission stated.

Nigeria’s oil output hits 1.63 mbpd in August
The regulator further pointed to the National Bureau of Statistics’ latest report, which showed a 4.23 percent growth in Nigeria’s economy, attributing the improvement partly to increased oil production. It argued that this performance confirmed steady progress in combating crude theft and restoring output levels.

The NUPRC also maintained that Nigeria has been meeting its OPEC quota due to ongoing industry initiatives, including the Project 1 Million Barrels programme, metering audits, restoration of shut-in strings, increased rig counts, and creation of alternative evacuation mechanisms.

It added that Nigeria now possesses the technical capacity to produce above two million barrels per day and that the commission is working with operators, service providers, rig owners, off-takers, and financiers to expand production within an improved operating environment.

On its dispute with the newspaper, the commission criticised the paper for failing to seek clarification before publication.

“The story also fails the integrity test as no attempt was made by the reporter to get a clarification from the commission in the spirit of fairness and balanced reporting,” the statement said.

The NUPRC called on media organisations to verify statistics with relevant authorities before publishing, stressing that inquiries could be directed to its corporate communications department.

The Kano-Jigawa branch of the Manufacturers Association of Nigeria (MAN) has lauded Dangote Refinery and Petrochemicals for its role in revitalising struggling companies in the country.

According to the association, the refinery’s intervention through the reduction of diesel prices and the steady availability of petroleum products has provided significant relief to manufacturers grappling with high energy costs.

Speaking on the sideline of the ongoing MAN Annual Products Exhibition, taking place at Sani Abacha SAtadium in Kano, the branch chairman of MAN Kano and Jigawa, Muhammad Bello Isyaku Umar, noted that the measures were already helping “dying companies come back to life” by reducing production expenses, stabilising operations, and sustaining jobs.

The association explained that access to affordable diesel is critical to the survival of many small and medium-scale industries in Nigeria, particularly those outside the national grid or in areas plagued by inconsistent power supply.

MAN reiterated its commitment to partnering with the refinery and other stakeholders to strengthen the manufacturing sector, describing the Dangote Refinery as a game-changer in the country’s quest for industrial sustainability and self-reliance.

Umar said the exhibition, which has Dangote Industries Limited as one of the major sponsors, is bringing together top manufacturers, entrepreneurs, policymakers, and consumers in a showcase of innovation, quality, and resilience in the nation’s economy.

He explained that the refinery would reduce the country’s reliance on imported petroleum products, while supporting local manufacturing.

The Federal Government has reaffirmed its commitment to maintaining investment-friendly policies in the oil and gas sector, pledging measures to keep Nigeria competitive in the global energy market.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the assurance during an inspection of the Escravos Gas-to-Liquids (EGTL) facility operated under the NNPC/Chevron Nigeria Limited joint venture in Delta State.

Lokpobiri said the administration is focused on boosting production through sustained capital inflows, stressing that viable oil blocks should not remain dormant.

“Where you are not ready to develop, it’s better to farm out to partners rather than wait decades,” he said, adding that the government is considering enforcing the “drill or drop” provision in the Petroleum Industry Act (PIA) to ensure optimal asset utilization.

Chevron Nigeria Limited’s General Manager for the joint venture, Segun Kuteyi, said the company is increasing investments to monetise existing resources, describing the minister’s visit as a strong signal of the administration’s seriousness about collaboration.

Also speaking, Chevron Chairman and Managing Director, Jim Schwartz, said government backing and the PIA have been instrumental in sustaining the company’s interest in Nigeria.
“We have a lot of resources we still want to develop here that will enable production growth,” he said.

The visit comes amid ongoing efforts to attract fresh investment into Nigeria’s oil and gas industry, which has faced production challenges in recent years despite its vast reserves.

The Energy Policy Advancement Centre (EPAC) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for generating N5.21 trillion in the first half of 2025, describing it as a clear demonstration of strategic revenue management in Nigeria’s oil and gas sector.

In a statement signed by its Director-General, Dr. Ibrahim Musa, EPAC said the mid-year performance under the leadership of NUPRC Chief Executive, Gbenga Komolafe, shows what is possible when regulation is matched with foresight, accountability, and determination.

Figures from the commission’s latest report to the Federation Accounts Allocation Committee (FAAC) revealed that the January–June 2025 earnings represent 42.7 per cent of the record N12.2 trillion revenue achieved in the entire 2024 fiscal year. The inflows came from royalties, gas sales, flared gas penalties, and joint venture proceeds.

EPAC noted that NUPRC’s strong showing was achieved despite the volatility of the global oil market and domestic production challenges, adding that the performance strengthens the country’s fiscal position at a time of significant budgetary demands.

“NUPRC has shown that with deliberate strategies and a results-oriented approach, Nigeria can unlock more value from its upstream petroleum sector. This is not just about impressive figures—it is about building the confidence that our institutions can deliver on ambitious national targets,” he said.Newspaper subscription bundles

The report indicated that the commission’s earnings include N1.04 trillion from Nigerian National Petroleum Company Limited (NNPCL) joint venture and production sharing contract royalty receivables, alongside N315.93 billion from Project Gazelle receipts in January and March 2025.

It also highlighted that NNPCL’s JV royalty receivables from October 2022 to June 2025 amounted to N6.60 trillion, underscoring the cumulative effect of delayed remittances from oil companies.

Musa particularly applauded the NUPRC’s debt recovery drive, which yielded \$459,226 from outstanding obligations—part of a cumulative \$1.436 billion owed from crude oil lifting contracts. This recovery, he said, was a product of rigorous reconciliation processes between NNPCL and FAAC, overseen by the Technical Sub-Committee of the Alignment Committee on the Reconciliation of Indebtedness.

For 2025, the Federal Government has tasked the commission with raising N15 trillion to fund national expenditure. EPAC said that while the mid-year figure of N5.21 trillion represents 34.7 per cent of this target, the pace of achievement so far—combined with strategic arrears recovery and potential production boosts—suggests that the goal remains within reach.

Musa stressed that what sets the current performance apart is not only the quantum of revenue but also the discipline with which it is being pursued. He said the commission’s approach to expanding its revenue base while maintaining transparency should serve as a model for other public institutions.

“NUPRC has moved beyond passive regulation to active value generation. This is the kind of institutional energy Nigeria needs—one that does not see targets as threats but as opportunities to innovate and excel,” he said. Newspaper subscription bundles

EPAC urged oil companies and relevant agencies to align with the commission’s momentum by ensuring timely payments, compliance with regulations, and support for upstream investments that can further raise output and earnings.

“We are in an era where every revenue stream matters. With the right cooperation, there is no reason the N15 trillion target cannot be met or even surpassed. The NUPRC has set the tone; it is now up to all stakeholders to match that commitment,” he said.

The Energy Policy Advancement Centre emphasised that the commission’s mid-year achievement should serve as a reminder of the critical role upstream petroleum revenues play in Nigeria’s economic stability, and why sustained reforms in the sector must remain a national priority.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its gas-centric transition strategy aims to eliminate routine flaring by 2030 and reduce methane by 60 per cent by 2031.

The commission’s Chief Executive, Gbenga Komolafe, made this known on Wednesday at the ongoing 24th Nigeria Oil and Gas (NOG) Energy Week conference 2025.

In his keynote address at a strategic session titled “Positioning Nigeria’s Upstream Oil and Gas for Energy Security, Sustainability and Economic Resilience,” Komolafe said the strategy would monetise vast gas reserves, creating thousands of green jobs in the process.

He revealed that the strategy was supported by initiatives such as the Decade of Gas, the Nigeria Gas Flare Commercialisation Programme (NGFCP) and the Presidential Compressed Natural Gas (CNG) Initiative.

“Nigeria is building Liquefied Natural Gas (LNG) capacity, deploying floating infrastructure, and leading cross-border pipeline development to fuel not only its own economy, but Africa’s industrial renaissance.
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“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,” he said.

He recalled that in March 2025, it inaugurated the Decarbonisation and Energy Sustainability Forum and formally declared March 18 as Nigeria’s Upstream Decarbonisation Day.

He said the annual event would serve as a rallying point for stakeholders to track progress, share knowledge, and accelerate climate-aligned development.

“Interestingly, we are enabling emissions reductions to become revenue streams through a new ecosystem of carbon services, including monitoring, consulting, tech deployment, while maintaining high environmental and asset integrity,” Komolafe added.