Nigerian Upstream Petroleum Regulatory Commission Releases Frontier Funds

The Nigeria — Nigerian Upstream Petroleum Regulatory Commission (Nigeria — Nigerian Upstream Petroleum Regulatory Commission) has confirmed the release of over $185 million and N14.9 billion from the Frontier Exploration Fund to the NNPC Limited (NNPC). This disclosure counters earlier reports suggesting that the Nigeria — Nigerian Upstream Petroleum Regulatory Commission was withholding the funds. The Frontier Exploration Fund, established under Nigeria's Petroleum Industry Act, is intended to support oil and gas discovery efforts in underexplored regions. The Nigeria — Nigerian Upstream Petroleum Regulatory Commission clarified that the fund is held in an account controlled by the Nigeria — Central Bank of Nigeria and that its role is to evaluate work programs submitted by the NNPC Limited before approving fund releases. To ensure transparency, the Nigeria — Nigerian Upstream Petroleum Regulatory Commission contracted PwC to evaluate the NNPC Limited's claims. The Minister of State for Petroleum, Heineken Lokpobiri, had previously denied investigating the Nigeria — Nigerian Upstream Petroleum Regulatory Commission regarding the fund's handling, though he had also raised concerns about its potential misuse.