Nigeria is courting fresh international investments to boost crude oil production by 600,000 barrels per day (bpd) and expand gas output by more than two billion standard cubic feet per day (scf/d), according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Commission’s Chief Executive, Gbenga Komolafe, disclosed this during the 2025 World Energies Summit organized by Frontier Energy Network in London.

He revealed that 28 new Field Development Plans (FDPs) approved this year alone would 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.

In a statement signed by the Head, Media and Strategic Communication, NUPRC, Eniola Akinkuotu, Komolafe noted that in 2025 alone, 28 new Field Development Plans had already been approved, unlocking an additional 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas,” Komolafe said.

“These projects are expected to add nearly 600,000 barrels of oil per day and more than two billion standard cubic feet of gas per day, supported by $18.2 billion in committed CAPEX.”

He explained that the approvals reflect renewed investor confidence and ongoing reforms under President Bola Tinubu’s administration, aimed at strengthening fiscal stability and competitiveness in the oil and gas sector. Komolafe urged global investors to take advantage of opportunities as Nigeria prepares to launch its next Block Licensing Round.

Highlighting key achievements, he pointed to Nigeria’s successful licensing exercises, including the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for deep offshore blocks, and the 2024 Licensing Round, which he said were commended by stakeholders such as the Nigeria Extractive Industries Transparency Initiative (NEITI) for transparency and credibility.

Komolafe added that rig activity in Nigeria had surged from just eight in 2021 to 70 currently, with 41 actively drilling on site.

Production, he noted, climbed from 1.46 million barrels per day in October 2024 to about 1.8 million barrels per day, driven by major Final Investment Decisions such as the $5 billion Bonga North and $500 million Ubeta Gas Project.

The NUPRC chief emphasized that energy transition must be seen as a question of energy security for Africa. (The Guardian)