NUPRC targets additional 600,000 bpd from new field investments
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expects the 28 new field development plans (FDPs) approved so far this year to deliver additional 600,000 barrels of crude and over 2 billion standard cubic feet of gas daily.
Gbenga Komolafe, the head of the regulator, made the disclosure at the ongoing 2025 World Energies Summit convened by Frontier Energy Network in London, according to a post by the commission on X (formerly Twitter) on Wednesday.
An FDP is a comprehensive outline of a company’s strategy for developing petroleum fields and addressing the technical, environmental, and social aspects of the project. It forecasts production and costs, and details how to manage the reservoir and extract hydrocarbons.
The projects are backed by $18.2 billion in committed capital expenditure, Mr Komolafe said, adding that they will help unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas in all.
“Together, these outcomes demonstrate that Nigeria’s upstream sector is not only on a growth trajectory but is also attracting the scale of investment needed to sustain it,” the NUPRC chief stated.
He noted that the President Bola Tinubu-led government and the commission are responding with bold reforms and strategic actions in turning challenges into opportunities amid global pressures for energy transition.
Mr Komolafe enjoined investors to seize the numerous opportunities ahead of the launch of Nigeria’s next block licensing round.
He noted that the commission has conducted licensing initiatives such as the 2022 Petroleum Prospecting Licences, the mini-bid round for deep offshore blocks, and the landmark 2024 licensing round.
“Beyond the successes of our data acquisition campaigns and licensing rounds, every key metric on our performance dashboard reflects widening access and exceptional investor participation,” Mr Komolafe said.
“Rig activity, for instance, has surged from just 8 in 2021 to 70 today, out of which 41 are drilling on site. Production has also risen significantly, from 1.46 million barrels per day in October 2024 to around 1.8 million barrels per day,” he added.
According to him, major final investment decisions (FDIs), such as the $5 billion Bonga North and $500 million Ubeta Gas Project, underscore renewed long-term investor confidence, with several more expected soon.
READ ALSO: NUPRC approved 79 FDPs with $40 billion potential investment within two years – Official
On Tuesday, Shell Nigeria Exploration and Production Company announced an FDI on the $2 billion HI gas project, located offshore Nigeria, in a joint venture with indigenous firm Sunlink Energies and Resources.
The facility, which plans to supply 350 million standard cubic feet of gas daily to Nigeria LNG Limited on completion, is to be delivered by 2030.
Mr Komolafe maintained that energy transition is a matter of energy security for the continent and Nigeria, noting that this has led to bold reforms that align with the country’s transition strategy which is the Decade of Gas.