NUPRC Discloses $185M and N14.9b Disbursement to NNPCL via Frontier Exploration Fund
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the principal regulator for the upstream petroleum sector, has provided a detailed account of funds released to the Nigerian National Petroleum Company Limited (NNPCL).
The total amount disbursed from the Frontier Exploration Fund stands at more than $185 million and N14.9 billion to date.
This funding mechanism, a key provision of the Petroleum Industry Act (PIA), is aimed at aggressively financing and accelerating frontier basin exploration efforts, thereby expanding Nigeria’s hydrocarbon reserves and driving growth in the upstream segment.
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