Total revenue up by 63% to N10.42trn in 2025, says NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that its total revenue generation stood at N10.42 trillion in 2025, representing 63 per cent of the projected N16.54 trillion for the year.

The Commission had an approved budget of N645.46 billion in 2025, with total income of N342.81 billion and expenditure of N304.53 billion.

NUPRC in its supply volume in its 2025 annual report, showed that the 2025 revenue figure also represents a 17 percent decline from the N12.56 trillion recorded in the preceding year.

The Commission revealed that local producers supplied 94.43 million barrels of crude to Dangote refinery in 2025 under the domestic crude oil supply obligation (DCSO) framework.

According to the report, the crude volume increased from 75.39 million barrels supplied in 2024.

Furthermore, the NUPRC said Nigeria’s oil and condensate reserves declined by 0.59 per cent to 37.28 billion barrels in 2025, from 37.5 billion barrels recorded in 2024.

The commission added that gas reserves increased marginally to 210.54 trillion standard cubic feet (scf) in the reviewed year.

The NUPRC said Nigeria produced a total of 622.14 million barrels of crude oil and condensate in 2025, comprising 525.18 million barrels of crude oil and 96.96 million barrels of condensate.

The report put average daily production at 1.67 million barrels in the year, including 1.41 million barrels of crude oil and 268,681 barrels of condensate.

On gas production, the commission said Nigeria produced 2.73 trillion cubic feet (tcf) of associated and non-associated gas during the year, representing an estimated daily average of 7.47 billion cubic feet (bcf).

The commission said associated gas accounted for 4.05 bcf per day, representing 54.2 percent of total production, while non-associated gas contributed 3.42 bcf per day, or 45.8 percent.

Of the total gas produced, the report showed that 2.507 trillion cubic feet, representing 92 percent, was utilised, while 215 bcf (7.89 percent) was flared.

The agency said another 2.8 billion cubic feet, representing 0.10 percent, was recorded as shrinkage.

On environmental performance, the report said 357 oil spill incidents were recorded during the year, with sabotage accounting for 49.5 percent of the cases.

According to the commission, oil and gas royalties, project gazelle, and the Nigerian National Petroleum Company (NNPC) Limited receivables accounted for the largest share of revenue, contributing N8.97 trillion during the year.

However, the NUPRC said collections from the category fell by 19.03 percent from N11.08 trillion recorded in 2024.

The report said gas flaring penalties generated N611.42 billion, up from N391.26 billion in the preceding year, representing an increase of 56.27 percent.

Revenue from signature bonuses also rose by 44.2 percent to N532.94 billion from N369.58 billion in 2024.

Similarly, the report showed that concession rentals increased by 61.06 per cent to N38.19 billion from N23.71 billion, while miscellaneous revenue rose by 31.94 per cent to N46.44 billion from N35.2 billion.