Mkpoikana Udoma
Port Harcourt — Nigeria’s upstream oil and gas sector is experiencing a record inflow of investments, as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, announced that its competitive reform agenda has delivered 28 Field Development Plans, FDPs, worth $18.2 billion in 2025 alone.
Chief Executive of the Commission, Engr. Gbenga Komolafe, disclosed the figures at the just concluded Africa Oil Week, AOW, in Accra, Ghana, stressing that the reforms have repositioned Nigeria as one of the most attractive upstream investment destinations globally.
“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding an expected 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day of gas,” Komolafe 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.”
He attributed the progress to President Bola Tinubu’s “Renewed Hope Agenda,” which he said has created clarity, competitiveness, and confidence in the industry.
According to Komolafe, the reforms are already yielding landmark projects.
>“The $5 billion Final Investment Decision for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments, with additional FIDs expected in HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields,” he said.
The NUPRC boss noted that rig activity has surged, rising from eight rigs in 2021 to 43 as of September 2025, reflecting increased investor confidence.
Since the enactment of the Petroleum Industry Act, PIA, in 2021, NUPRC has rolled out 24 transformative regulations, 19 of them already gazetted, and unveiled a Regulatory Action Plan, RAP, designed to eliminate bottlenecks and accelerate licensing rounds.
“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,” Komolafe explained.
“By optimising signature bonus requirements and removing entry barriers, we ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.”
He further revealed that President Tinubu has approved five major acquisition deals worth over $5 billion, creating more opportunities for indigenous participation in the upstream sector.
Komolafe concluded that the combination of the PIA, Presidential Executive Orders, and bold regulatory initiatives is driving Nigeria into a new oil era.
“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,” he said.
