The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has disclosed that Nigeria’s oil and gas reforms in 2025 attracted 28 new Field Development Plans (FDPs) with investment commitments worth $18.2 billion.

According to a statement from the Commission, the FDPs are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, while adding 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas. These gains, the statement noted, will support Nigeria’s drive to achieve over 3 million barrels per day of crude production.

Komolafe, speaking at the Africa Oil Week in Accra, Ghana, attributed the successes to President Bola Tinubu’s reform agenda, which he said has made Nigeria one of the most attractive upstream investment frontiers globally.

Delivering a presentation titled “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas”, he stressed that energy security remains the cornerstone of economic growth, resilience, and prosperity in Africa.

He noted that the Petroleum Industry Act (PIA) 2021 ushered in a new era of governance, fiscal reform, and institutional alignment, with the NUPRC emerging as a forward-thinking regulator. In less than four years, the Commission has introduced 24 transformative regulations, 19 of which have been gazetted to operationalise key provisions of the PIA.

The Commission has also launched a Regulatory Action Plan (RAP) to eliminate bottlenecks, remove entry barriers, and ensure transparent licensing. As a result, rig counts rose from 8 in 2021 to 43 by September 2025.

“In 2025 alone, the Commission approved 28 new FDPs, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, with $18.2 billion in CAPEX commitments. This underscores Nigeria’s transformation into one of the most dynamic upstream frontiers,” Komolafe said.

He highlighted recent milestones, including the $5 billion Final Investment Decision (FID) for the Bonga North deep offshore development, and the $500 million Ubeta Gas Project, with more FIDs expected for projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.

Komolafe added that since President Tinubu assumed office, five major acquisition deals worth over $5 billion have been approved, creating opportunities for indigenous oil and gas companies.

He pointed out that bid rounds and concession awards, such as the 57 Petroleum Prospecting Licence (PPL) awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness. Of the 31 blocks offered in 2024, 27 were successfully taken up, a feat he attributed to reduced signature bonuses and removal of barriers to entry.

“These reforms are laying a strong foundation for new investments and sectoral growth. Nigeria stands at the dawn of a new era defined by clarity, competitiveness, and confidence,” Komolafe declared.

“With the PIA as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening doors to investment—we are building a world-class upstream environment that rewards ambition, innovation, and responsibility,” he said.