Nigeria’s upstream oil sector is set for a major boost as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announces that 43 newly approved Field Development Plans (FDPs) could unlock 1.7 billion barrels of crude oil and 7.7 trillion cubic feet (Tcf) of natural gas.
The announcement was made by NUPRC Chief Executive Engineer Gbenga Komolafe at the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos. He was represented at the event by NUPRC’s Director of Subsurface Development, Emmanuel Mac-Jaja. Komolafe described the approvals as a reflection of renewed investment and confidence in Nigeria’s oil and gas sector.
The projects are supported by over $20 billion in committed capital. Notable investments include $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project, which alone is expected to unlock nearly 2 Tcf of gas.
Highlighting growing local participation, Komolafe noted that indigenous acquisition deals have exceeded $5 billion. He emphasized that while the world transitions toward renewable energy, oil and gas will remain critical for energy access, especially in developing economies.
NUPRC is also implementing reforms to boost production, including Project One Million Barrels to increase daily output, deepwater cluster development, frontier basin exploration, and advanced data systems to reduce exploration risks. Rig activity has surged from eight in 2021 to over 40 today, signaling rising investor confidence.
Environmental initiatives such as gas flare commercialization, methane monitoring, carbon capture, and the Presidential CNG Initiative are also underway. Through the Host Community Development Trust and the HostComply platform, NUPRC ensures transparency and tangible benefits for oil-bearing communities.
Komolafe expressed confidence that these reforms would position Nigeria as a global energy hub, supporting economic growth, energy security, and sustainable development.
