The Citizens Forum for Energy Accountability and Development (CFEAD) has expressed strong approval for the recent reforms implemented by the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The organization highlighted these changes as pivotal in restoring confidence and attracting substantial investment into Nigeria's oil and gas sector.

In a statement issued by its Executive Director, Patriot Unazi Gideon, CFEAD noted that recent announcements by NNPC's Group Chief Executive Officer, Bayo Ojulari, and NUPRC's Commission Chief Executive, Oritsemeyiwa Eyesan, indicate that ongoing reforms and enhanced operational discipline are yielding positive results. The group specifically pointed out that NNPC has secured over $20 billion in gas sale and purchase agreements over the past year, a move they described as a significant endorsement of Nigeria's energy market.

These agreements encompass 1.29 billion standard cubic feet per day of long-term LNG feed gas and 750 million standard cubic feet per day of domestic industrial gas supply to companies such as DFL FZE and Dangote Refinery. Furthermore, CFEAD reported that there are seven additional commercial transactions in the pipeline, signaling ongoing growth in the sector.

The organization also commended NNPC for achieving a $3.4 billion reduction in operating costs through strategic contract restructuring and optimization. This financial prudence has coincided with a six percent increase in crude oil production and an 8.1 percent rise in gas output, with crude production reaching approximately 1.71 million barrels per day, marking the highest level in five years.

CFEAD emphasized that this increase in production could have significant implications for government revenue, economic stability, and job creation. The organization highlighted NNPC Exploration and Production Limited's record production of 365,000 barrels per day and an impressive 98 percent recovery rate across NNPC's five crude oil export terminals from April 2025 to May 2026.

In addition to applauding NNPC's achievements, CFEAD also recognized NUPRC's initiatives aimed at stimulating investment in deep offshore oil and gas projects. The group welcomed the Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026, which is projected to unlock around $50 billion in investments and increase crude oil and condensate production by an additional one million barrels per day in the coming years. This reform is expected to revive major offshore projects that have faced delays due to high capital requirements and lengthy investment cycles.

However, CFEAD stressed that the true measure of success for these reforms will be their impact on ordinary Nigerians. The organization urged NNPC and NUPRC to ensure that increased oil and gas production translates into enhanced public revenue, job creation, and improved economic stability. They called for sustained reform momentum, emphasizing the need for transparency, accountability, and institutional independence.

CFEAD also warned against potential policy reversals and political interference, asserting that consistency is vital for maintaining investor confidence. The latest developments present an opportunity for Nigeria to cultivate a robust petroleum industry that can support local businesses, foster technical expertise, create employment, and drive broader economic prosperity.