Nigeria’s upstream oil and gas sector is experiencing a significant boost, with fresh investment commitments totaling $18.2 billion secured following the approval of 28 new Field Development Plans (FDPs) in 2025 alone.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, made this disclosure during his presentation at the Africa Oil Week in Accra, Ghana, on Tuesday.
According to Komolafe, the recent approvals are set to unlock an estimated 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of natural gas, significantly boosting national production capacity. The new projects are expected to contribute an additional 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas to Nigeria’s output.
“These developments are a testament to the success of President Bola Tinubu’s Renewed Hope Agenda, which has created a more competitive and transparent environment for oil and gas investments,” Komolafe said.
Komolafe highlighted the impact of the Petroleum Industry Act (PIA) 2021, describing it as a game-changer for Nigeria’s oil and gas sector. He noted that since the inception of the NUPRC under the new legal framework, the Commission has enacted 24 transformative regulations, 19 of which have been gazetted, to operationalize key elements of the PIA.
The Commission also introduced a Regulatory Action Plan (RAP) designed to eliminate long-standing bottlenecks, ease investor entry, and streamline licensing processes.
As a result of these reforms, rig count in Nigeria has surged from just 8 in 2021 to 43 as of September 2025, indicating renewed exploration and development activity across the country.
Among the standout investments is the $5 billion Final Investment Decision (FID) for the Bonga North deep offshore development, alongside the $500 million Ubeta Gas Project. Komolafe noted that additional FIDs are expected in the near term for projects such as:
- HI NAG Development
- Ima Gas
- Owowo Deep Offshore
- Preowei Fields
He added that five major acquisition deals, valued at over $5 billion, have been approved under the Tinubu administration, opening new opportunities for local players in the upstream sector.
The NUPRC chief also emphasized the Commission’s commitment to transparency, pointing to recent bid rounds that have drawn strong investor interest. These include:
- The 2022 Marginal Field Bid Round
- The 2022 Mini-Bid Round
- The ongoing 2024 Licensing Round, where 27 out of 31 blocks on offer have already been taken up.
Komolafe credited these successes to reforms such as optimized signature bonus structures and the removal of administrative barriers, which have made Nigeria’s upstream sector more accessible to both local and foreign investors.
In his closing remarks, Komolafe stated that Nigeria is entering a new era of clarity, competitiveness, and investor confidence, backed by bold presidential directives and regulatory overhauls.
“With the Petroleum Industry Act as our backbone, and under the guidance of President Tinubu’s reform agenda, we are building a globally attractive upstream environment that rewards innovation, ambition, and responsible investment,” he said.
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