Nigeria Targets 600,000 Barrels Daily Boost as NUPRC Approves $18.2bn Oil Projects
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that fresh oil and gas investments in 2025 could add up to 600,000 barrels of crude oil per day to the nation’s output, alongside more than 2 billion standard cubic feet of gas daily. This development follows the approval of 28 new Field Development Plans (FDPs), signaling renewed investor confidence in Nigeria’s energy sector. The disclosure was made by NUPRC Chief Executive, Gbenga Komolafe, during the 2025 World Energies Summit in London.
Komolafe explained that the Federal Government, under President Bola Tinubu, is pursuing bold reforms to reposition Nigeria as a global energy hub despite growing global pressure for a clean energy transition. He revealed that the 2025 FDPs will unlock 1.4 billion barrels of oil reserves and 5.4 trillion cubic feet of gas, supported by a committed capital expenditure (CAPEX) of $18.2 billion. “These investments prove that Nigeria’s upstream sector is on a growth path and continues to attract world-class capital,” Komolafe said in a statement signed by Eniola Akinkuotu, Head of Media and Strategic Communication at NUPRC.
Highlighting progress in recent years, Komolafe said rig activity in Nigeria has surged from eight in 2021 to 70 active rigs, with 41 currently drilling. Crude production has equally improved, rising from 1.46 million barrels per day in October 2024 to around 1.8 million barrels per day. He added that major projects like the $5 billion Bonga North Development and $500 million Ubeta Gas Project reflect growing investor confidence, with several new Final Investment Decisions (FIDs) expected soon.
The NUPRC boss emphasized that the Commission’s reforms, driven by the Petroleum Industry Act (PIA) 2021, have enhanced transparency, governance, and investor confidence. He said that since the Act’s passage, NUPRC has rolled out 24 globally benchmarked regulations, restoring industry stability. He also credited President Tinubu’s three Executive Orders issued in 2024 for incentivizing investment through fiscal reforms and local content development. Nigeria’s Decade of Gas initiative and its Decarbonisation Framework, Komolafe noted, are also central to balancing energy transition with national energy security.
Looking ahead, Komolafe invited local and international investors to participate in Nigeria’s upcoming Block Licensing Round, describing it as a gateway to new frontier and mature basins with favorable fiscal terms. He noted that the Commission’s transparent licensing exercises in 2022 and 2024 had been praised by the Nigeria Extractive Industries Transparency Initiative (NEITI). “We are creating an investment climate that rewards innovation, accountability, and long-term growth,” he said, reaffirming Nigeria’s ambition to raise total crude production by one million barrels per day within the next 24 months.
source: Business day