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From Adanna Nnamani, Abuja
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has highlighted the impact of Nigeria’s competitive reform agenda, revealing that the country has secured 28 Field Development Plans (FDPs) valued at $18.2 billion in investment commitments. These projects are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, translating to an anticipated 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas. The developments represent a significant step toward Nigeria’s ambition to achieve over 3 million barrels per day of crude oil production.
Engr. Komolafe made these disclosures on Tuesday at the Africa Oil Week in Accra, Ghana.
Speaking during his presentation titled; “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,” the NUPRC chief emphasized energy security as the backbone of economic growth, national resilience, and shared prosperity across Africa. “Nigeria’s new energy regime under the Petroleum Industry Act, 2021, has ushered in a new era of governance, fiscal reform, and institutional realignment,” he noted.
The NUPRC, established under this transformative framework, has demonstrated itself as a forward-looking and dedicated regulator. In nearly four years, the Commission has issued 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the Petroleum Industry Act.
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Komolafe highlighted the Commission’s Regulatory Action Plan (RAP), which aligns with the PIA to tackle regulatory bottlenecks, remove entry barriers, and ensure timely, transparent licensing rounds. “The transformative initiatives of the Commission are delivering tangible results,” he said, citing a dramatic rise in rig counts from just 8 in 2021 to 43 as of September 2025.
“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,” Engr. Komolafe 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.”
He also pointed to other milestones, including the $5 billion Final Investment Decision (FID) for the Bonga North deep offshore development and the $500 million Ubeta Gas Project, with additional FIDs anticipated for HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
The Commission chief noted that President Tinubu has approved five major acquisition deals worth over $5 billion, opening avenues for indigenous players to expand. He highlighted the success of recent bid rounds, including the 57 Petroleum Prospecting Licence (PPL) awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, emphasizing the unprecedented transparency and competitiveness that drew exceptional investor participation.
“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,” he explained.
