By Victor Ahiuma-Young & Johnbosco Agbakwuru
ABUJA — The Federal Government has unveiled fresh plans to unlock Nigeria’s more than 215 trillion cubic feet (tcf) of proven natural gas reserves for industrial development, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the country could raise crude oil production to three million barrels per day.
The developments were disclosed yesterday at the fifth edition of the PENGASSAN Energy and Labour Summit, PEALS 2026, in Abuja, where government officials, regulators, industry operators and labour leaders outlined measures to reposition the oil and gas sector for sustainable growth.
The NUPRC also disclosed that the Federal Government was targeting between $30 billion and $50 billion in fresh investment in the oil and gas industry, following incentives introduced to stimulate development, particularly in deepwater operations.
Speaking at the summit, the Secretary to the Government of the Federation, SGF, Senator George Akume, said Nigeria must move beyond crude oil extraction and maximise its vast gas resources as a source of energy, industrial feedstock and economic growth.
