By Bassey Udo
The ongoing competitive reforms agenda in the country’s petroleum industry has already recorded visible impacts in the country, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
The Commission Chief Executive, Engr. Gbenga Komolafe, who hailed the impact of the reforms, said highlights include the delivery of 28 Field Development Plans by industry players valued at about $18.2bn in investment commitments.
These commitments, which he said underscore the attractiveness of the country’s upstream petroleum sector, are expected to help unlock about 1.4 billion barrels of crude oil and 5.4 trillion cubic feet (TCF) of natural gas.
The fresh production capacity, he said, is expected to boost the country’s aspiration to deliver daily crude oil production target of over 3 million barrels by injecting an average of about 591,000 barrels of crude oil per day and 2.1 billion SCFD of natural gas.
Mr Komolafe disclosed these details in his presentation titled ‘Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,’ at the Africa Oil Week, held in Accra, Ghana.
He underscored the importance of achieving energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa, adding Nigeria’s new energy policy under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.
The CCE said the NUPRC, which was birthed under the new PIA regime, has shown itself as a dedicated and forward-thinking regulatory authority in the industry.
Reviewing the achievements of the Commission, he said in nearly four years, the NUPRC rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the PIA.
Also, he said 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 transformative initiatives of the Commission have delivered results, including raising Nigeria’s rig counts from eight in 2021 to 43 as of September 2025.
“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,” the CCE said.
“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 final investment decisions (FIDs) for the Bonga North Deep Offshore Development and the $500 million Ubeta Gas Project signalling 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, President Bola Ahmed Tinubu, has also approved five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players.
The recent bid rounds and concession awards, including the 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, he noted, were executed with unprecedented transparency and competitiveness, drawing exceptional global investor participation.
On how optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, Komolafe said this resulted in 27 out of 31 blocks offered in 2024 being successfully taken up by investors.
These developments, he said, were laying a strong foundation for fresh investments and accelerated sectoral growth, adding that this affirms that Nigeria today stands at the dawn of a new era; one defined by clarity, competitiveness, and confidence.
“With the Petroleum Industry Act 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 said
