The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says ongoing reforms in the oil and gas sector have delivered 28 new Field Development Plans (FDPs) with investment commitments worth $18.2 billion.
The Commission’s Chief Executive, Gbenga Komolafe, disclosed this on Tuesday at the Africa Oil Week in Accra, Ghana, in a statement issued by Eniola Akinkuotu, Head of Media and Strategic Communications, NUPRC.
Komolafe attributed the milestone to President Bola Tinubu’s Renewed Hope agenda, stressing that it underscored the attractiveness of Nigeria’s upstream sector.
He explained that the 28 approved FDPs are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, while adding 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day of gas.
Presenting a paper titled “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas”, Komolafe highlighted energy security as the cornerstone of Africa’s economic growth and prosperity.
According to him, the Petroleum Industry Act (PIA) 2021 ushered in a new era of governance, fiscal reform, and institutional realignment, with the NUPRC emerging as a forward-looking regulator.
“In nearly four years, the Commission has rolled out 24 transformative regulations, 19 of which have been gazetted to operationalise key provisions of the PIA,” he said.
He noted that the NUPRC’s Regulatory Action Plan (RAP), aligned with the PIA, has tackled regulatory bottlenecks, removed entry barriers, and ensured timely and transparent licensing rounds. These efforts, he said, boosted rig counts from eight in 2021 to 43 as of September 2025.
“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world,” Komolafe said.
He also cited the $5 billion Final Investment Decision (FID) for the Bonga North deep offshore project and the $500 million Ubeta Gas Project as signals of renewed investor confidence, with more FIDs expected in the HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe further revealed that President Tinubu has approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.
He added that bid rounds and concession awards, including 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were conducted with unprecedented transparency and competitiveness.
“Optimising signature bonus requirements and removing entry barriers ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up,” he said.
Komolafe concluded that Nigeria now stands at “the dawn of a new era defined by clarity, competitiveness, and confidence.”
