The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has approved more than $57 billion in Field Development Plans (FDPs) since 2024, amid Nigeria’s aggressive push to attract fresh investment and expand oil and gas production.
In a statement issued on Wednesday, the commission said 22 major offshore projects are expected to come on stream between 2026 and 2030, with an estimated investment potential of between $30 billion and $50 billion.
|
|
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday, the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, said the approved development plans were expected to increase production, create jobs, expand infrastructure and strengthen Nigeria’s energy security.
Mrs Eyesan, represented at the event by the NUPRC’s Executive Commissioner for Development and Production, Enorense Amadasu, said some of the approved FDPs had progressed to Final Investment Decisions (FIDs).
|
|
|
|---|
“Since 2024, the NUPRC has approved over US$57 billion in Field Development Plans (FDPs), some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30–50 billion,” she said.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination.”
The NUPRC chief said Nigeria was also building a resilient energy future by maintaining a strong pipeline of exploration opportunities to support long-term growth and energy security, as well as developing its proven oil and gas reserves.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
She said successive licensing rounds since 2022 had opened access to some of Nigeria’s most prospective oil and gas acreages.
Mrs Eyesan referred to the 2025 Licensing Round, in which 31 companies emerged as successful bidders for 37 oil and gas blocks after undergoing what she described as a robust, data-driven and technology-enabled evaluation process.
She said preparations were already underway for the 2026 Licensing Round, which is expected to build on the transparency introduced in recent bidding exercises.
“With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” she said.
Infrastructure, security challenges
Mrs Eyesan said inadequate infrastructure continued to undermine Africa’s energy potential, but noted that Nigeria was implementing measures to address the challenge.
She said the country was expanding gas gathering systems, processing facilities, pipelines and export infrastructure while promoting shared facilities, open access, third-party access and field tiebacks.
According to her, the measures are expected to reduce project costs, accelerate development timelines, maximise the use of existing infrastructure and bring stranded oil and gas resources into production.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” she said.
The NUPRC chief also said improved collaboration among government agencies, security operatives, oil and gas operators, host communities, and private-sector partners had strengthened the protection of critical energy assets.
READ ALSO: Only 28.5m of 61.9m crude oil barrels reached local refineries in Q1 — NUPRC
She added that the implementation of the Host Community Development Trust had helped improve the resilience of Nigeria’s upstream petroleum sector.
On 21 July, the NUPRC announced that 31 companies had emerged as winners of 37 oil and gas blocks in Nigeria’s 2025 Licensing Round, following the conclusion of the commercial bid conference held in Abuja.
The NUPRC described the outcome as significant, noting that it is the first time Nigeria’s frontier basins—including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin—have attracted such strong investor interest.
At the time, Mrs Eyesan stated that the assets on offer have the potential to add about 500 million barrels to Nigeria’s crude oil reserves and unlock an additional 300,000 barrels of oil per day within the next three years.
“The assets available in the licensing round have the potential to add about 500 million barrels to Nigeria’s reserves. Today, our reserves stand at 37.01 billion barrels. We also expect that from this exercise, we will unlock about 300,000 barrels of oil production per day. We are looking at 37 assets that can come into production in the next three years.”
She said the licensing round is central to Nigeria’s ambition of increasing crude oil production to three million barrels per day by 2030, whilst broadening participation across both small and large fields.
According to her, the commission is focused not only on increasing production but also on producing “efficient barrels” — those that deliver value to all stakeholders, including the government.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
![Fitch Ratings agency. [PHOTO CREDIT: Thisday Live]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2020/04/Fitch-Ratings-agency.jpg?fit=800%2C450&ssl=1)
