Mkpoikana Udoma
Port Harcourt — 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.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga 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.
“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.”
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.
“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 explained.
“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic upstream frontiers globally.”
The NUPRC boss 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.
“Since taking office, His Excellency, President Bola Ahmed Tinubu, has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players,” Komolafe said.
He further highlighted that rig count in Nigeria has surged from eight in 2021 to 43 by September 2025, reflecting renewed investor confidence in the upstream sector.
“These transformative reforms are laying the foundation for sustained investment and accelerated growth. With the PIA as our foundation, reinforced by bold Presidential Executive Orders and regulatory initiatives, we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe said.
The Bonga North and Ubeta projects are expected to boost crude oil and gas production while creating significant local content opportunities across Nigeria’s energy value chain.
