The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has said that Nigeria’s upstream oil and gas reforms have unlocked investment commitments worth $18.2 billion in 2025 alone.
Komolafe disclosed this on Tuesday at the Africa Oil Week in Accra, Ghana, while presenting a paper titled “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas.”
He explained that the Commission approved 28 Field Development Plans this year, unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
These FDPs, he said, are expected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day of gas, significantly boosting Nigeria’s aspiration of producing over three million barrels of crude oil daily.
“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,” 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.”
The NUPRC boss credited the reforms to President Bola Tinubu’s Renewed Hope Agenda, stressing that energy security remains the cornerstone of Africa’s economic growth, national resilience, and shared prosperity.
He noted that the Petroleum Industry Act of 2021 introduced a new era of governance, fiscal reform, and institutional alignment, under which the Commission has rolled out 24 transformative regulations 19 of which have been gazetted to operationalise the Act.
Komolafe added that the Commission had also unveiled a Regulatory Action Plan to remove bottlenecks, lower entry barriers, and ensure transparent licensing rounds.
According to him, the reforms have raised Nigeria’s rig count from eight in 2021 to 43 as of September 2025, while also attracting major long-term investments.
Other milestones, he said, include the $5 billion Final Investment Decision for the Bonga North deep offshore project and the $500 million Ubeta Gas Project. Additional FIDs are expected soon on the HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe also pointed out that President Tinubu has sanctioned five significant acquisition agreements totaling over $5 billion, generating prospects for enterprising local companies
He also highlighted the recent concession awards and licensing rounds, such as the 2024 licensing round, the 2022 Mini-Bid Round, and the 57 Petroleum Prospecting Licences in 2022, which drew strong investor interest, and their transparent implementation.
“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 said.
Komolafe stressed that these achievements reflect Nigeria’s emergence into a new era.
“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility.”
He concluded that the progress underscores President Tinubu’s commitment to transforming Nigeria’s oil and gas industry and positioning it as a globally competitive sector.
SOURCE: thepointng.com
