Nigeria to Unlock 1.4bn Barrels of Oil, 5.4TCF Gas with $18.2bn Investments – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that new field development plans (FDPs) approved in 2025 will unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, with expected additions of 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas.

According to a statement by Chief Executive of the Commission, Gbenga Komolafe, the commitments represent $18.2 billion in capital expenditure and will help Nigeria pursue its aspiration of producing over 3 million barrels of crude oil per day.

Speaking at the Africa Oil Week in Accra, Ghana, Komolafe said the gains were outcomes of President Bola Tinubu’s “Renewed Hope” vision and reforms ushered in by the Petroleum Industry Act (PIA) 2021.

“In 2025 alone, the Commission has approved 28 new FDPs, unlocking significant reserves and production capacity. These FDPs underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world,” he stated.

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

He disclosed that since taking office, President Tinubu has approved five major acquisition deals worth over $5 billion, creating opportunities for ambitious indigenous players. The Commission also raised Nigeria’s rig count from just 8 in 2021 to 43 as of September 2025.

The NUPRC boss emphasized that recent licensing rounds were conducted with transparency and competitiveness, with 27 out of 31 oil blocks offered in 2024 successfully awarded. He credited reforms such as optimized signature bonus requirements and the removal of entry barriers for attracting exceptional investor participation.

“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,” Komolafe said.