Lagos — Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe, has disclosed that the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet, TCF, of gas in 2025 alone.
According to him, the development has added an estimated 591,000 barrels of oil per day and 2.1 billion standard cubic feet, BSCFD, of gas to the nation,
Komolafe, announced the milestone at the Africa Oil Week in Accra, Ghana, stressing that these projects reflect the impact of Nigeria’s ongoing reform agenda.
He said: “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.”
Komolafe noted that the Petroleum Industry Act, PIA, of 2021 and subsequent executive reforms had repositioned Nigeria’s upstream environment by eliminating entry barriers, driving transparency, and strengthening competitiveness.
The NUPRC boss also announced that Nigeria’s oil and gas sector has received a major boost with the Final Investment Decisions, FIDs, on the $5 billion Bonga North deepwater development and the $500 million Ubeta Gas Project, signaling renewed long-term commitments from international oil companies and their partners.
“The $5 billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments,” Komolafe stated.
“Additional FIDs are expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields,” he disclosed.
Komolafe tied these developments to President Bola Tinubu’s “Renewed Hope” vision, which he said is transforming Nigeria into one of the most attractive upstream investment destinations in the world.
