NUPRC approves 28 new fields, projects 600,000 bpd oil boost

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the approval of 28 new Field Development Plans (FDPs) in 2025, projected to add nearly 600,000 barrels of oil per day and over 2 billion standard cubic feet of gas daily.

The Commission Chief Executive (CCE), Engr. Gbenga Komolafe, disclosed this at the 2025 World Energies Summit hosted by Frontier Energy Network in London, according to a statement signed by NUPRC’s Head of Media and Strategic Communications, Eniola Akinkuotu.

Komolafe stated that the approved projects will unlock an estimated 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, backed by $18.2 billion in committed capital expenditure (CAPEX).

“These outcomes show that Nigeria’s upstream sector is firmly on a growth path and continues to attract the scale of investment required to sustain its role as a major global energy hub,” he said.

According to the NUPRC, Nigeria is targeting crude oil production of 2.7 million barrels per day by the end of 2025, buoyed by renewed investor confidence and fresh capital inflows.

Komolafe noted that President Bola Tinubu’s administration and the Commission are implementing bold reforms to transform the nation’s oil and gas sector amid global energy transition pressures.

He urged investors to take advantage of opportunities ahead of the upcoming Block Licensing Round, highlighting the success of previous initiatives, including the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for deep offshore blocks, and the 2024 Licensing Round—widely praised for its transparency by stakeholders, including the Nigeria Extractive Industries Transparency Initiative (NEITI).

The CCE reported that rig activity in Nigeria has risen sharply from eight in 2021 to 70 in 2025, with 41 currently drilling. Oil production has also climbed from 1.46 million barrels per day in October 2024 to about 1.8 million barrels per day.

He cited major Final Investment Decisions such as the $5 billion Bonga North and $500 million Ubeta Gas Project as evidence of renewed investor confidence, with more projects expected soon.

Komolafe emphasized that the country’s energy transition agenda—anchored on the “Decade of Gas” initiative—focuses on energy security and sustainability. He also highlighted how the Petroleum Industry Act (PIA) 2021 has reshaped the industry through fiscal reforms, investor-friendly policies, and transparency.

He added that the NUPRC has so far issued 24 global-standard regulations to strengthen investor confidence, while President Tinubu’s 2024 Executive Orders have further incentivised investments in both mature and frontier basins.

“As we prepare to launch Nigeria’s next Block Licensing Round, I invite local and international investors to partner with us in driving the next phase of Nigeria’s energy growth,” Komolafe said.