NUPRC: Nigeria has attracted $18bn investment commitments from oil, gas field plans

Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria’s reform agenda has attracted 28 field development plans (FDPs) worth $18.2 billion in investment commitments.

Komolafe spoke on Tuesday at the Africa Oil Week, held in Accra, Ghana.

“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,” he said.

“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.”

Komolafe said the commitments also support the country’s goal of achieving crude oil production of over 3 million barrels per day.

Attributing the feat to President Bola Tinubu’s renewed hope vision, he emphasised the importance of energy security as the cornerstone of economic growth, national resilience, and prosperity in Africa.

Komolafe said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, introduced a new framework for governance, fiscal reform, and institutional restructuring.

He said the NUPRC, which was birthed under the new regime, has established itself as a proactive and forward-thinking regulator.

In nearly four years, the NUPRC boss said the commission has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalise the PIA.

He said the NUPRC has unveiled a comprehensive regulatory action plan (RAP), aligned with the PIA, to address bottlenecks, lower entry barriers, and ensure timely and transparent licensing rounds.

The CEO added that the transformative initiatives have produced results, including raising rig counts from 8 in 2021 to 43 as of September 2025.

“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 PreoweiFields,” Komolafe said.

The NUPRC boss said that since taking office, Tinubu has approved five major acquisition deals worth over $5 billion, creating opportunities for indigenous players.

He added that recent bid rounds and concession awards, such as the 57 petroleum prospecting licences (PPL) awarded in 2022, the 2022 mini-bid round, and the 2024 licensing round, were executed transparently and competitively, attracting strong investor participation.

The CEO explained that optimising signature bonus requirements and removing entry barriers allowed wider access, leading to 27 out of 31 blocks offered in 2024 being successfully taken up.

Komolafe said the milestones are laying the groundwork for fresh investments and accelerated sector growth, affirming that Nigeria is entering a new era of clarity, competitiveness and confidence.