NUPRC unlocks $18.2bn Field Development Plans for 2025, targeting 1.4bn barrels of oil and 5.4 TCF of gas to boost output and investor confidence
The Nigerian Upstream Petroleum Regulatory Commission announced at the Africa Oil Week in Accra that 28 Field Development Plans (FDPs) approved in 2025 alone will unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
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The projects are expected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas per day, boosting Nigeria’s push towards a crude oil production capacity of more than three million barrels daily.
NUPRC Chief Executive, Gbenga Komolafe, said the $18.2bn investment commitments demonstrate renewed investor confidence under Nigeria’s competitive reform agenda.
He tied the success to President Bola Tinubu’s Renewed Hope programme and the Petroleum Industry Act of 2021, which provided governance, fiscal clarity, and institutional restructuring.
“The Commission has rolled out 24 transformative regulations, 19 of which have been gazetted, to remove bottlenecks, ensure transparent licensing, and dismantle entry barriers,” Komolafe explained.
Recent projects highlight the results of these reforms, including the $5bn Final Investment Decision on Bonga North deep offshore, the $500m Ubeta Gas Project, and expected FIDs on the HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe also disclosed that President Tinubu approved five major acquisition deals worth over $5bn, opening opportunities for ambitious indigenous players.
On licensing, he stressed that transparency had been central, noting strong investor interest in the 2022 and 2024 bid rounds, with most offered blocks taken up.
Nigeria’s rig count has surged from eight in 2021 to 43 by September 2025, further underlining confidence in the sector.
Meanwhile, crude oil losses have dropped sharply, with figures showing a 50.2 per cent reduction in the first seven months of 2025 compared to the previous year, marking the lowest loss levels since 2009.
According to Komolafe, these achievements affirm Nigeria’s new era of clarity, competitiveness, and confidence:
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“The $18.2bn commitments underscore Nigeria’s transformation into one of the world’s most dynamic and attractive upstream investment frontiers.”
