NUPRC Secures $18.2 Billion in Upstream Investment Commitments, Unlocking Significant Oil and Gas Reserves
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a major boost to the country’s petroleum sector, securing $18.2 billion in investment commitments through 28 newly approved Field Development Plans (FDPs) in 2025. These projects are projected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, significantly advancing Nigeria’s ambition to reach 3 million barrels per day (bpd) of crude oil production.
Announced by NUPRC Chief Executive Gbenga Komolafe at Africa Oil Week in Accra, Ghana, in September 2025, the commitments highlight the impact of ongoing reforms under the Petroleum Industry Act (PIA) 2021. The PIA has driven governance improvements, fiscal reforms, and institutional realignment, restoring investor confidence in Nigeria’s upstream sector.
“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,” Komolafe stated. The projects are expected to add approximately 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas to national output.
This surge builds on several positive developments. Rig counts have risen sharply from 8 in 2021 to 43 as of September 2025, reflecting renewed operational activity. Notable Final Investment Decisions (FIDs) include the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project, with additional FIDs anticipated for projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
President Bola Tinubu’s administration has approved five major acquisition deals worth over $5 billion, creating opportunities for indigenous players. Transparent licensing rounds — including the 2022 awards of 57 Petroleum Prospecting Licences, the 2022 Mini-Bid Round, and the 2024 Licensing Round — have seen strong participation. In 2024, 27 out of 31 offered blocks were successfully awarded after optimized signature bonuses and reduced entry barriers.
NUPRC has rolled out 24 transformative regulations (19 gazetted) and a Regulatory Action Plan (RAP) to eliminate bottlenecks and promote efficiency, aligning with the PIA’s objectives.
Nigeria continues to pursue ambitious production goals: approximately 2 million bpd by 2027 and 3 million bpd of liquid hydrocarbons by 2030, alongside substantial increases in gas output (targeting around 12 billion cubic feet per day). The new FDPs provide a critical increment toward these targets, complementing broader initiatives like “Project One Million Barrels Per Day” and ongoing efforts to curb crude theft and improve security in the Niger Delta.
Recent reserves data reinforces the sector’s potential. As of early 2026, Nigeria’s total oil and condensate reserves stand at around 37 billion barrels, with gas reserves exceeding 215 TCF, offering a robust foundation for sustained growth.
Komolafe credited the achievements to President Tinubu’s “Renewed Hope” agenda and emphasized energy security as vital for economic growth and regional prosperity. The developments position Nigeria favorably amid global energy transitions, leveraging its abundant resources while advancing gas commercialization and domestic utilization.
Industry observers view these investments as a vote of confidence in Nigeria’s regulatory environment and reform trajectory. Sustained implementation, infrastructure development, and addressing challenges like security and fiscal competitiveness will be essential to fully realize the projected gains.
This announcement marks a significant milestone in Nigeria’s upstream petroleum sector revival, blending regulatory innovation with capital inflows to drive production growth and long-term energy sector resilience.
