… says 1.4bn barrels, 5.4 TCF gas expected from approved 28 FDPs in 2025
Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission(NUPRC), has said that the country’s competitive reform agenda has delivered 28 Field Development Plans with $18.2 billion worth of investment commitments, which underscores the attractiveness of the upstream sector.
These commitments are also expected to unlock 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas, boosting the country’s aspiration to deliver over 3 million barrels per day crude oil production.
Komolafe who disclosed these on Tuesday at the Africa Oil Week, held in Accra, Ghana, attributed these feats to President Bola Tinubu’s renewed hope vision.
The Commission boss, whose presentation was titled ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,’ reiterated the importance of energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa.
He said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.
“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas.
“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,” he said.
According to Komolafe, the Commission in nearly four years, has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the PIA. He added that the NUPRC also unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.
He said “The transformative initiatives of the Commission have delivered results, including raising rig counts from 8 in 2021 to 43 as of September 2025.
“Other results include the $5 billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments, with additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.”
The CCE said, since taking office, President Tinubu has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.
He noted that recent bid rounds and concession awards, including the 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.
According to Komolafe, optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.
These developments, he said, are laying a strong foundation for fresh investments and accelerated sectoral growth.
“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe added.
