The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said that the country’s reform agenda delivered 28 Field Development Plans (FDPs) valued at $18.2 billion in investment commitments in 2025 alone.

The commitments, he said, are also expected to unlock 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 billion SCFD of gas and boosting the country’s aspiration to deliver over 3 million bpd in oil output.

Komolafe spoke yesterday at the ongoing Africa Oil Week (AOW) in Accra, Ghana, even as he attributed these feats to President Bola Tinubu’s renewed hope vision, a statement by the NUPRC’s Head, Media and Strategic Communications, Eniola Akinkuotu, stated.

The commission’s chief executive, whose presentation was titled: ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,’ reiterated the importance of energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa.

He said Nigeria’s new energy regime under the Petroleum Industry Act (PIA), 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.

Komolafe said the NUPRC, which is birthed under the new regime, has shown itself as a dedicated and forward-thinking regulator, explaining that in nearly four years, the commission has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalise key provisions of the PIA.

According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.

He said the initiatives of the commission have delivered results, including raising rig counts from eight in 2021 to 43 as of September 2025.

He said: “In 2025 alone, the commission has approved 28 new field development plans, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas. 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.”

“Other results include the $5 billion FID for the Bonga North deep offshore development and the $500 million Ubeta Gas Project signal renewed long-term commitments, with additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.”

The CCE said, since taking office, Tinubu has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.

He noted that recent bid rounds and concession awards, including the 57 Petroleum Prospecting License (PPL) awards in 2022, the 2022 mini-bid round, and the 2024 licensing round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.

He explained how optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up. According to him, these developments are laying a strong foundation for fresh investments and accelerated sectoral growth.

“With the PIA as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe stated.

Meanwhile, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has reaffirmed the country’s leadership role in advancing Africa’s energy security, calling for deeper regional integration.

Speaking at the ongoing Africa Oil Week (AOW) 2025 Ministerial and CEO Leadership Forum in Ghana, Lokpobiri stressed that integration remains the most effective strategy to end Africa’s energy poverty.

He noted that shared infrastructure, harmonised standards, and technical expertise will enable the continent to secure its energy future, a statement in Abuja by the minister’s Special Adviser on Media and Communication, Nneamaka Okafor, said.

Lokpobiri highlighted Africa’s heavy reliance on imports, revealing that the continent spends over $120 billion annually on hydrocarbon imports. “This is capital flight. These funds should remain within Africa to fuel our own development priorities,” the minister stated.

The minister emphasised that the real challenge is not access to capital but the lack of aligned regulatory frameworks and fiscal regimes. “Investors make long-term decisions based on stability and predictability. Africa must harmonise its policies to attract and retain investment,” he said.

As part of Nigeria’s leadership drive, Lokpobiri announced the creation of a West African Reference Market (WARM)—an initiative to leverage Nigeria’s growing refining capacity to supply petroleum products across West Africa and beyond.

On the global energy transition, he clarified that the Paris Agreement does not require abandoning fossil fuels, but rather a reduction in emissions. “Africa contributes only 3 per cent of global CO2. We cannot lead an energy transition when we don’t even have energy. Our priority must be to responsibly harness our abundant resources to power growth,” he added.

Besides, Lokpobiri urged African nations to unite around a shared purpose: “Africa has the market, the population, and the resources. What we need now is to keep value within our continent and finance our own energy future,” he maintained.(This Day)

Update news