Nigeria’s upstream oil regulator expects the country’s crude output to rise by as much as 600,000 barrels per day (bpd) and gas production by over 2 billion standard cubic feet daily, following the approval of 28 new field development plans (FDPs) this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, made the announcement at the ongoing 2025 World Energies Summit in London, organised by the Frontier Energy Network. He said the projects represent a combined $18.2 billion in committed capital expenditure and are projected to unlock about 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
Nigeria’s Upstream Sector on Growth Path
Komolafe said the new FDPs highlight renewed investor confidence and signal that Nigeria’s upstream oil and gas industry is back on a growth trajectory after years of underinvestment. He credited the turnaround to the policy reforms and incentives introduced by President Bola Tinubu’s administration, which he said were converting long-standing challenges into new investment opportunities.
According to him, the country’s rig count has surged from just eight in 2021 to 70 active rigs, 41 of which are currently drilling. Oil production has also improved from 1.46 million barrels per day in October 2024 to about 1.8 million barrels per day, supported by major final investment decisions such as the $5 billion Bonga North and the $500 million Ubeta Gas projects.
Komolafe urged investors to take advantage of upcoming licensing rounds, including deepwater blocks and marginal fields, as part of Nigeria’s broader energy transition agenda. He emphasised that energy transition remains central to energy security across Africa, aligning with Nigeria’s “Decade of Gas” strategy to maximise cleaner energy development while sustaining revenue from hydrocarbons.
He noted that Nigeria’s strong performance across data acquisition, licensing rounds, and production activity underscores growing access and investor participation—an encouraging sign for the country’s upstream sector amid shifting global energy dynamics.
