The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday it approved 43 Field Development Plans (FDPs) that can unlock 1.7 billion barrels of crude oil and 7.7 trillion cubic feet of gas in 2025.
Eniola Akinkuotu, the regulator’s head of media and strategic communications, in a statement, said its Chief Executive, Gbenga Komolafe, disclosed this while speaking at the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) held in Lagos on Monday.
|
|
He explained that the development reflects significant progress in Nigeria’s upstream sector, with over $20 billion in committed capital.
An FDP, a critical document in oil & gas development, provides a broad plan and guide on how to extract hydrocarbons from petroleum fields and manage the impact of such activities on the environment.
|
|
|
|---|
“In 2025 alone, 43 new Field Development Plans (FDPs) were approved, unlocking 1.7 billion barrels of oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in committed capital,” Mr Komolafe said.
Mr Komolafe, represented by Emmanuel Mac-Jaja, the director, subsurface development of the commission, noted that these FDPs reflected a resurgence in investments.
He highlighted major Final Investment Decisions (FIDs) including the $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project, unlocking nearly 2 trillion standard cubic feet of gas.
According to him, indigenous participation continues to deepen, with local acquisition deals exceeding $5 billion, signalling growing confidence in homegrown players.
READ ALSO: NUPRC seeks Bank of America’s support for investment in Nigeria’s oil production
He said Nigeria’s push to reignite oil and gas exploration and production has entered a new phase, adding that Nigeria is at a defining moment in global energy, one of transition, transformation, and opportunity.
Speaking on balancing transition with reality, he said while the global shift toward renewables is gaining momentum, oil and gas will remain indispensable for decades to come, particularly in developing economies where energy access remains a critical challenge.
Rig activity, he said, has risen from just eight in 2021 to well over 40 in 2025, reflecting renewed investor confidence in Nigeria’s upstream sector.
