Nigeria Attracts $18.2 Billion in Upstream Oil & Gas Investments Through Competitive Reforms – NUPRC
Nigeria’s upstream oil and gas sector has secured a massive $18.2 billion in investment commitments, thanks to the government’s ongoing reform agenda, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Tuesday. The commitments were made through 28 approved Field Development Plans (FDPs), a move expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, while adding 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas to the nation’s production capacity.
NUPRC Chief Executive, Gbenga Komolafe, revealed the development during his presentation at Africa Oil Week in Accra, Ghana. Speaking on “Nigeria’s Competitive Reform Agenda for Unlocking Potentials in Upstream Oil & Gas,” he highlighted how President Bola Tinubu’s reform-driven vision is transforming the energy sector into one of the world’s most dynamic investment frontiers.
Since its establishment under the Petroleum Industry Act (PIA) of 2021, the NUPRC has introduced 24 transformative regulations, 19 of which have been gazetted to operationalize key provisions of the Act. The Commission has also implemented a Regulatory Action Plan (RAP) designed to remove entry barriers, resolve licensing bottlenecks, and ensure transparent and timely approvals for investors. These efforts have resulted in a dramatic increase in rig activity, rising from 8 in 2021 to 43 as of September 2025.
In addition to the new FDPs, the Commission highlighted several major milestones, including a $5 billion final investment decision (FID) for the Bonga North deep offshore development and a $500 million investment in the Ubeta Gas Project. President Tinubu has also approved five major acquisition deals worth over $5 billion, creating opportunities for indigenous players to expand their footprint in Nigeria’s oil and gas landscape. Recent competitive licensing rounds, including the 57 PPL awards in 2022 and the 2024 Licensing Round, further underscore the sector’s growing appeal to both local and international investors.
These developments signal the dawn of a new era in Nigeria’s energy sector—one characterized by transparency, competitiveness, and confidence. “With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe stated. The recent transition of Petroleum Prospecting Licence (PPL) 202 to Petroleum Mining Lease (PML) 66, alongside new Production Sharing Contracts with TotalEnergies and SAPETRO, marks additional milestones in the ongoing reform-driven growth story.
source: nairametrics