An oil sector reform coalition stressed that predictable bid rounds, transparent processes, and regulatory certainty are vital for maintaining the positive momentum recently seen in the oil and gas sector.
This statement by the Oil & Gas Governance Reform Alliance (OGRA) follows the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s revelation that the country’s crude oil production has repeatedly exceeded the 1.7 million barrels per day (bpd) benchmark in 2025.
OGRA, led by Executive Director Dr Ibrahim Kalango, released a statement on Wednesday, arguing that the NUPRC’s disclosure shows that the country is now firmly on track to meet its long-term output goals. The group contended that Nigeria’s production capacity was never the problem, but rather a lack of operational focus and regulatory leadership.
OGRA pointed to several positive signs—including rising rig activity, renewed investor confidence, multi-billion-dollar Final Investment Decisions (FIDs), and the approval of about $20 billion in Field Development Plans over the last ten months—as proof of a break from years of stagnation and investor hesitation.
The group further stated that the NUPRC boss, Gbenga Komolafe’s, revelation shows Nigeria is clearly on track to meet its 2.5 million bpd production target in 2026. OGRA described this as the “most credible pathway to revenue recovery and macroeconomic stability.” Kalango emphasized that exceeding 1.7 million bpd multiple times is evidence that Nigeria is regaining the confidence of producers and investors, making the 2.5 million bpd target attainable, not just aspirational.
OGRA also highlighted that the near-70 rig count recorded this year, with over 40 rigs currently active, represents the strongest level of upstream activity in nearly a decade, confirming that investor sentiment is improving.
The group concluded that Nigeria must avoid opaque or inconsistent licensing processes, adding that predictable bid rounds, transparent processes, and regulatory certainty are required to restore credibility, especially given NUPRC’s recent announcement of a new oil licensing round scheduled for December 1, 2025.
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