The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s reform agenda has attracted $18.2 billion in investment commitments through 28 approved Field Development Plans (FDPs).
Commission Chief Executive, Gbenga Komolafe, announced this on Tuesday at the Africa Oil Week in Accra, Ghana, attributing the milestone to President Bola Tinubu’s Renewed Hope Agenda.
According to Komolafe, the new FDPs will unlock 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 to production capacity.
He said the Petroleum Industry Act (PIA 2021) had ushered in a new era of governance, fiscal reform, and institutional realignment, enabling NUPRC to roll out 24 transformative regulations,19 already gazettet to operationalise key provisions of the Act.
Komolafe also highlighted the Commission’s Regulatory Action Plan (RAP), designed to remove entry barriers, streamline licensing rounds, and ensure transparency. He noted that these reforms had boosted rig counts from eight in 2021 to 43 as of September 2025.
“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s emergence as a leading destination for upstream investment,” he said.
He further cited recent major milestones, including the $5 billion Final Investment Decision (FID) on Bonga North deep offshore, the $500 million Ubeta Gas Project, and anticipated FIDs for HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe added that President Tinubu had approved five major acquisition deals worth over $5 billion, opening opportunities for indigenous operators.
He said recent bid rounds, such as the 2022 Mini-Bid Round and the 2024 Licensing Round, were conducted with transparency and competitiveness, resulting in 27 out of 31 blocks being taken up in 2024.
“Nigeria stands at the dawn of a new era defined by clarity, competitiveness, and confidence,” Komolafe declared.
