In a landmark stride toward revitalising Nigeria’s energy sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the approval of 28 new Field Development Plans (FDPs), unlocking a staggering $18.2 billion in capital investment commitments.
The announcement, made by Commission Chief Executive Gbenga Komolafe at the Africa Oil Week in Accra, Ghana, signals a new era of competitiveness, transparency, and investor confidence in Nigeria’s upstream oil and gas industry.
Komolafe credited the achievement to President Bola Tinubu’s Renewed Hope Agenda, which has catalysed sweeping reforms under the Petroleum Industry Act (PIA 2021).
These reforms have not only repositioned Nigeria as a top-tier investment destination but also ushered in a new governance framework, fiscal clarity, and institutional realignment.
“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.
He disclosed that 28 FDPs were approved in 2025 with 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas unlocked. Similarly, 591,000 barrels of oil/day and 2.1 billion standard cubic feet/day (BSCFD) were also added to national output as rig count surged from 8 in 2021 to 43 by September 2025.
The reforms have also led to major Final Investment Decisions (FIDs), including the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project.
These are in addition to upcoming FIDs, including HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields. President Tinubu has furthermore approved five major acquisition deals worth over $5 billion, opening doors for ambitious indigenous players to thrive in the sector.
Under Komolafe’s leadership, NUPRC has rolled out 24 transformative regulations, with 19 gazettes, and has launched a Regulatory Action Plan (RAP) to eliminate bottlenecks and streamline licensing.
He has delivered transparent bid rounds, including 57 Petroleum Prospecting Licenses (PPLs) in 2022; the 2022 Mini-Bid Round, and the 2024 Licensing Round, where 27 of 31 blocks were successfully taken up.