The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s ongoing reform agenda has successfully attracted $18.2 billion in investment commitments through 28 approved Field Development Plans (FDPs).
NUPRC’s Chief Executive, Gbenga Komolafe, disclosed this on Tuesday while addressing delegates at the Africa Oil Week in Accra, Ghana.
His presentation, titled “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas”, highlighted the transformative impact of President Bola Tinubu’s reform-driven vision for the energy sector.
“These commitments are also expected to unlock 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, boosting the country’s aspiration to deliver over 3 million barrels per day crude oil production,” the statement read in part.
PIA ushered new era of governance in energy sector
He said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.
The NUPRC boss said the Commission, established under the new regime, has demonstrated itself to be a dedicated and forward-looking regulator.
In nearly four years, the Komolafe disclosed that the NUPRC has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the PIA.
According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.
He said the transformative initiatives of the Commission have delivered results, including raising rig counts from 8 in 2021 to 43 as of September 2025.
The CCE 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.
“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.”
Other results include the “$5 billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments, with additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.”
The CCE said, since taking office, His Excellency, President Bola Ahmed Tinubu, GCFR, has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.
PPL awards executed with transparency
He noted that 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.
Mr Komolafe explained how optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.
According to him, these developments are laying a strong foundation for fresh investments and accelerated sectoral growth.
The NUPRC chief said this affirms that Nigeria today stands at the dawn of a new era; one defined by clarity, competitiveness, and confidence.
“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, 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.”
What you should know
Earlier, NUPRC announced the successful conversion of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, the first-ever transition of a licence from the 2020 Marginal Field Bid Round.
The disclosure was made by NUPRC’s Chief Executive, Gbenga Komolafe, during the signing ceremony of PML 66 between Ingentia Energies and its shareholders in Abuja.
Also, NNPCL, in partnership with TotalEnergies and South Atlantic Petroleum (SAPETRO), finalized a new Production Sharing Contract (PSC) for deepwater Petroleum Prospecting Licences (PPLs) 2000 and 2001.
The agreement, signed under the supervision of the NUPRC, represents a significant milestone in the implementation of the Petroleum Industry Act (PIA).
