Nigeria, Dec. 9 -- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday said over $185 million and N14.9 billion have been released to the Nigerian National Petroleum Company Limited (NNPC Ltd) from the Frontier Exploration Fund (FEF).

The commission, in a statement on Monday night, made this known in reaction to the reports alleging that the commission has withheld FEF from the NNPC Ltd.

The NUPRC said 185, 123, 333 had been approved along with N14.9 billion."

The Frontier Exploration Fund, established under the Petroleum Industry Act (PIA) 2021, was designed to support new oil exploration efforts in Nigeria's frontier basins.

According to the PIA, the fund shall be 30 per cent of the NNPC's "profit oil and profit ...