NUPRC: Approved fields to unlock 1.7bn barrels of oil, 7.7tcf gas

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 43 Field Development Plans (FDPs) approved in 2025 have the potential to unlock 1.7 billion barrels of crude oil and 7.7 trillion cubic feet of gas.

The Commission’s Chief Executive, Engr. Gbenga Komolafe, disclosed this on Monday at the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

Represented by the Director of Subsurface Development, Emmanuel Mac-Jaja, Komolafe said the FDPs mark a resurgence of investment in Nigeria’s upstream sector, backed by more than $20 billion in committed capital.

He listed major Final Investment Decisions (FIDs), including $5 billion for Bonga North, $500 million for the Ubeta Gas Project, and $2 billion for Shell’s HI Gas Project — together unlocking nearly 2 trillion standard cubic feet of gas.

He added that indigenous oil firms have completed over $5 billion in local acquisition deals, reflecting rising investor confidence in Nigerian operators.

Komolafe described Nigeria’s energy sector as being at a pivotal stage of global transition, stressing that oil and gas will remain central to the country’s energy security despite the growing shift toward renewables.

He highlighted ongoing reforms to boost exploration and production, including continuous acreage licensing, advanced subsurface data technologies, and an upgraded National Data Repository to attract global investment.

Under the “Project One Million Barrels” initiative, NUPRC is targeting production growth through rig reactivation and well optimization.

Deepwater cluster development and frontier basin exploration are also being expanded under the Petroleum Industry Act (PIA).

Rig activity, Komolafe noted, has increased from eight in 2021 to over 40 in 2025 — a clear sign of renewed investor confidence.

On sustainability, he pointed to initiatives such as gas flare commercialisation, the Presidential CNG Initiative, and the Upstream Decarbonisation Framework, which integrates methane tracking, carbon capture, and access to carbon finance.

Komolafe reaffirmed NUPRC’s commitment to transparency and inclusiveness through the Host Community Development Trust and the HostComply platform, ensuring shared prosperity for oil-producing communities.

He expressed confidence that ongoing reforms would strengthen Nigeria’s position as a global energy hub, driving growth, sustainability, and energy security.