Nigeria has secured investment commitments worth $18.2 billion from 28 newly approved oil and gas field development plans (FDPs), according to Gbenga Komolafe, chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Gatekeepers News reports that speaking on Tuesday at the Africa Oil Week in Accra, Ghana, Komolafe said the approvals mark a significant milestone in the country’s energy reforms.
“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,” he said.
“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 the projects will support Nigeria’s target of producing more than three million barrels of crude oil per day. He credited the progress to President Bola Tinubu’s Renewed Hope agenda, stressing that energy security is “the cornerstone of economic growth, national resilience, and prosperity in Africa.”
He noted that the Petroleum Industry Act (PIA) of 2021 has reshaped the sector with new governance, fiscal reforms, and institutional restructuring, paving the way for the NUPRC to become a “proactive and forward-thinking regulator.”
According to him, the commission has rolled out 24 transformative regulations—19 already gazetted—and launched a regulatory action plan to tackle bottlenecks, reduce entry barriers, and ensure transparent licensing.
The impact, he said, is evident in the rise of active drilling rigs from eight in 2021 to 43 as of September 2025.
Highlighting recent project approvals, Komolafe cited the $5 billion final investment decision (FID) for the Bonga North deep offshore development and the $500 million Ubeta Gas Project. He said additional FIDs are expected in projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
He added that President Tinubu has approved five major acquisition deals worth over $5 billion, creating new opportunities for indigenous players.
Komolafe also pointed to the transparent conduct of licensing rounds and concession awards—including the allocation of 57 petroleum prospecting licences (PPLs) in 2022 and the 2024 licensing round—where 27 of the 31 available blocks were successfully taken up.
He said these milestones demonstrate investor confidence and are laying the groundwork for “a new era of clarity, competitiveness, and confidence” in Nigeria’s oil and gas sector.
