The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) projects that the 28 newly sanctioned field development plans (FDPs) approved this year will elevate crude oil production by 600,000 barrels per day and boost gas output by more than 2 billion standard cubic feet daily.
Gbenga Komolafe, the commission’s CEO, shared this optimistic forecast at the 2025 World Energies Summit organized by Frontier Energy Network in London, as announced on the commission’s official X (formerly Twitter) handle.
An FDP is essentially a comprehensive plan that details how a petroleum company intends to develop a field, covering technical, environmental, and social aspects. It outlines expected production rates, cost frameworks, reservoir management techniques, and extraction methodologies.
Komolafe emphasized that these initiatives are backed by a committed capital investment of $18.2 billion, anticipated to unlock roughly 1.4 billion barrels of oil and 5.4 trillion cubic feet of natural gas reserves.
“These numbers underscore the strong upward trajectory of Nigeria’s upstream oil and gas industry, reflecting the significant investments fueling sustained growth,” he stated.
He also noted that under President Bola Tinubu‘s leadership, the commission is driving transformative reforms and strategic programs designed to convert challenges into opportunities amid the global energy transition landscape.
Investors were urged to seize the promising opportunities ahead of Nigeria’s forthcoming block licensing round.
The NUPRC has successfully conducted multiple licensing rounds, including the 2022 Petroleum Prospecting Licences, a focused mini-bid round for deep offshore blocks, and the major 2024 licensing round.
“Beyond data acquisition and licensing milestones, all key performance indicators reveal enhanced accessibility and robust investor participation,” Komolafe remarked.
For instance, rig activity has surged from a mere 8 rigs in 2021 to 70 rigs currently, with 41 actively engaged in drilling operations. Oil production has also risen from 1.46 million barrels per day in October 2024 to nearly 1.8 million barrels per day today,” he added.
Highlighting investor confidence, Komolafe pointed to significant final investment decisions (FDIs) such as the $5 billion Bonga North project and the $500 million Ubeta Gas Project, with more FDIs expected in the near term.
READ ALSO: NUPRC approves 79 FDPs with potential investments totaling $40 billion over two years – Official
On Tuesday, Shell Nigeria Exploration and Production Company revealed a $2 billion FDI commitment for the HI gas project, an offshore development in collaboration with indigenous partner Sunlink Energies and Resources.
This project is designed to supply 350 million standard cubic feet of gas daily to Nigeria LNG Limited, with completion targeted for 2030.
Komolafe reiterated that the energy transition is fundamentally about securing reliable energy supplies for Nigeria and the broader African region. This vision underpins the bold reforms aligned with Nigeria’s “Decade of Gas” strategy.