The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is working to make the country's oil and gas sector more competitive by reducing operating costs. This move aims to attract investment and boost production. To achieve this, NUPRC is harmonizing regulatory fees, simplifying licensing processes, and introducing cost-reflective gas prices ¹ ² ³.
The commission has also introduced a Cost Efficiency Incentive (CEI) framework, offering tax credits to operators who reduce their unit operating costs below annual benchmarks. This initiative is expected to increase efficiency, promote fiscal discipline, and attract investors ⁴.
NUPRC's efforts are part of the Nigerian government's broader strategy to increase oil production to 2 million barrels per day by 2027 and 3 million by 2030. The commission is also focusing on domestic gas utilization, deepwater exploration, and industry decarbonization ¹ ⁵.
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