The Nigerian Upstream Petroleum Regulatory Commission states that Nigeria’s competitive reform agenda has resulted in 28 Field Development Plans with a total investment commitment of $18.2 billion.
NUPRC’s chief Executive, Gbenga Komolafe, disclosed these on Tuesday at the Africa Oil Week, held in Accra, Ghana.
Mr Komolafe, in a statement by the commission’s spokesman, Eniola Akinkuotu, attributed these achievements to President Bola Tinubu’s renewed hope vision.
Mr Komolafe said that the achievement underscored the attractiveness of the upstream sector. He said the commission had approved 28 new Field Development Plans this year, while unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, and adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas.
Mr Komolafe, while presenting a paper titled ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas’, reiterated the importance of energy security as the cornerstone of economic growth and shared prosperity in Africa.
He stated that Nigeria’s new energy regime, introduced under the Petroleum Industry Act (PIA 2021), has ushered in a new era of governance, fiscal reform, and institutional realignment. According to him, NUPRC, which was birthed under the new regime, has shown itself as a dedicated and forward-thinking regulator.
In nearly four years, Mr Komolafe said the NUPRC had, within four years, rolled out 24 transformative regulations, 19 of which were gazetted to operationalise key provisions of the PIA.
According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP) aligned with the PIA, aimed at tackling regulatory bottlenecks, removing entry barriers, and ensuring timely and transparent licensing rounds.
He stated that the commission’s transformative initiatives had delivered results, including increasing rig counts from eight in 2021 to 43 as of September 2025.
“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.
“Other results include the five billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project, which signaled renewed long-term commitments. There are additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
“Since taking office, President Bola Ahmed Tinubu has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players,” he said.
He stated that recent bid rounds and concession awards, such as the 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, attracting exceptional investor participation.
He said that optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.
(NAN)
