The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, has highlighted how the country’s competitive reform agenda has delivered 28 Field Development Plans with $18.2bn worth of investment commitments.
A statement by the Commission said the commitments are also expected to unlock 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.
It will also boost the country’s aspiration to deliver over 3 million barrels per day of crude oil production.
The statement attributed to Komolafe at the Africa Oil Week, held in Accra, Ghana on Tuesday, attributed the feats to President Bola Tinubu’s renewed hope vision.
The Commission’s boss, whose presentation was titled ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,’ reiterated the importance of energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa.
He said Nigeria’s new energy regime under the Petroleum Industry Act (PIA) 2021 ushered in a new era of governance, fiscal reform, and institutional realignment.
The CCE said the NUPRC, birthed under Tinubu’s regime, has shown itself as a dedicated and forward-thinking regulator. In nearly four years, the CCE disclosed that the NUPRC has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalise key provisions of the PIA.
According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.
He said the transformative initiatives of the Commission have delivered results, including raising rig counts from 8 in 2021 to 43 as of September 2025.
The CCE said, “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.
“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.” Other results include the “$5 billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments, with additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.”
The CCE said that, since taking office, Tinubu has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.
He noted that recent bid rounds and concession awards, including the 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.
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Komolafe explained how 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.
According to him, the developments are laying a strong foundation for fresh investments and accelerated sectoral growth.
The CCE said this affirmed that Nigeria today stands at the dawn of a new era, one defined by clarity, competitiveness, and confidence.
“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 said.
