The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that its competitive reform agenda in the oil and gas sector has attracted $18.2bn worth of Field Development Plans (FDPs) for 2025, a milestone it says reflects renewed investor confidence in the country’s upstream industry.
Chief Executive of the Commission, Gbenga Komolafe, disclosed this on Tuesday at the Africa Oil Week in Accra, Ghana, where he presented a paper titled Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas.
According to NUPRC’s Head of Media and Strategic Communications, Eniola Akinkuotu, the 28 Field Development Plans approved this year alone will unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. These plans are projected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas per day, bringing Nigeria closer to its ambition of producing over three million barrels of oil per day.
“The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has highlighted how the country’s competitive reform agenda has delivered 28 Field Development Plans with $18.2bn worth of investment commitments, which underscores the attractiveness of the upstream 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 said.
Komolafe tied the achievement to President Bola Tinubu’s Renewed Hope agenda, explaining that the Petroleum Industry Act of 2021 provided the governance and fiscal clarity needed to strengthen investor trust. He added that the Commission had rolled out 24 transformative regulations in under four years, with 19 already gazetted, alongside a Regulatory Action Plan designed to dismantle barriers and enhance transparency in licensing.
He cited major milestones such as the $5bn Final Investment Decision on the Bonga North deep offshore development, the $500m Ubeta Gas Project, and anticipated investments in the HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields. Komolafe also revealed that President Tinubu had approved five major acquisition deals worth over $5bn, creating fresh opportunities for indigenous companies.
Komolafe further noted that transparency had been central to recent licensing rounds, with the 57 Petroleum Prospecting Licence awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round drawing strong investor interest. Out of the 31 blocks offered in 2024, 27 were successfully taken up.
Highlighting a jump in rig activity, he stated: “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 $18.2bn in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world.”
NUPRC also noted that Nigeria recorded a 50.2 per cent reduction in crude oil losses between January and July 2025, with losses dropping to 2.04 million barrels, the lowest level since 2009.
