By Obiabin Onukwugha
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unlocked an additional 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas with the approval of a fresh set of 28 Field Development Plans (FDPs).
The Commission’s Chief Executive Officer, Gbenga Komolafe, announced this at the ongoing 2025 World Energies Summit hosted by the Frontier Energy Network in London, which has its theme: “Navigating the Energy Transition.”
He said the country, therefore, targets a crude oil production boost of 600,000 barrels and 2 billion cubic feet of gas per day leveraging the FDPs in 2025.
The NUPRC CEO, in a statement by the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, Thursday, October 16, said these outcomes demonstrate that Nigeria’s upstream sector is not only on a growth trajectory but is also attracting the scale of investment needed to sustain its role as a premier global energy hub.
“These projects are expected to add nearly 600,000 barrels of oil per day and more than 2 billion standard cubic feet of gas per day, supported by $18.2 billion in committed CAPEX,” he said.
Komolafe highlightrd the gains of Nigeria’s bold reforms in the oil and gas sector and called on investors to seize the vast opportunities ahead of the launch of Nigeria’s next Block Licensing Round.
He also disclosed that the Commission has conducted licensing initiatives such as the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for deep offshore blocks, and the landmark 2024 Licensing Round, which was adjudged transparent by operators and stakeholders, including the Nigeria Extractive Industries Transparency Initiative (NEITI).
“Beyond the successes of our data acquisition campaigns and licensing rounds, every key metric on our performance dashboard reflects widening access and exceptional investor participation. Rig activity, for instance, has surged from just 8 in 2021 to 70 today, out of which 41 are drilling on site. Production has also risen significantly, from 1.46 million barrels per day in October 2024 to around 1.8 million barrels per day.
“Major Final Investment Decisions, such as the $5 billion Bonga North and $500 million Ubeta Gas Project, underscore renewed long-term investor confidence, with several more expected soon,” he said.
He noted that the Petroleum Industry Act (PIA), ushered in fiscal reforms and investor-centric policies anchored in transparency, ethical governance, clarity, predictability, sustainability, competitiveness, and investor confidence.
Komolafe has issued 24 regulations benchmarked against global standards to restore confidence and stability, also revealed the three Executive Orders issued by President Tinubu in 2024 have further incentivised Nigeria’s oil and gas sector.
The NUPRC CEO said Nigeria is embedding climate responsibility at the heart of its upstream reforms through a robust Decarbonisation Framework that integrates MRV systems, carbon capture and storage, and access to carbon markets.
“As we prepare to launch Nigeria’s next Block Licensing Round, I extend a warm invitation to our local and global partners to join us in this journey,” he stated.
The event, which focuses on the global upstream energy industry, featured keynote speakers like Egypt’s Minister of Petroleum and Mineral Resources.
