The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 43 Field Development Plans (FDPs) in 2025 that will unlock a staggering 1.7 billion barrels of crude oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in committed capital.
NUPRC Chief Executive Gbenga Komolafe disclosed this development on Monday, describing it as a major boost for the nation’s upstream sector and a clear signal of resurgence in investments. The announcement comes as Nigeria positions itself as a defining player in the global energy transition.
“In 2025 alone, 43 new Field Development Plans were approved, unlocking 1.7 billion barrels of oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in committed capital,” Komolafe stated.
The development reflects significant progress in Nigeria’s oil and gas sector, with major Final Investment Decisions including $5 billion for Bonga North, $500 million for the Ubeta Gas project, and $2 billion for Shell’s HI Gas Project, collectively unlocking nearly 2 trillion standard cubic feet of gas.
Indigenous participation in the sector continues to deepen, with local acquisition deals exceeding $5 billion, signaling growing confidence in homegrown players. Komolafe emphasized that while the global shift toward renewable energy gains momentum, oil and gas will remain indispensable for decades, particularly in developing economies where energy access remains a critical challenge.
Rig activity in Nigeria has dramatically increased from just eight in 2021 to well over 40 in 2025, reflecting renewed investor confidence in the country’s upstream sector.
On upstream reforms driving growth, Komolafe outlined several initiatives aimed at repositioning Nigeria’s sector for long-term progress. These include advanced data systems using cutting-edge technologies like stress field detection, an upgraded National Data Repository to de-risk exploration, and continuous acreage licensing providing a transparent framework for global competitiveness.
He also highlighted Project One Million Barrels, an initiative to restore and grow daily production through rig reactivation and well optimization. Deepwater expansion through cluster development and shared infrastructure is helping to reduce costs and accelerate first oil, while frontier basin development leverages the Petroleum Industry Act to explore untapped basins.
On environmental sustainability, the NUPRC reaffirmed its commitment to responsible operations, citing initiatives like gas flare commercialisation, the Decade of Gas, the Presidential CNG Initiative, and the Upstream Decarbonisation Framework, which integrates methane monitoring, carbon capture, and access to carbon finance.
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Komolafe expressed confidence that ongoing reforms would firmly position Nigeria as a global energy hub once again, driving growth, sustainability, and energy security for the nation.
Sources: premiumtimesng.com, businessday.ng, thesun.ng