Nigeria has secured $18.2 billion in oil and gas investment commitments in 2025, with 28 new field development plans (FDPs) approved under sweeping upstream reforms, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Tuesday.
NUPRC Chief Executive Gbenga Komolafe told delegates at the Africa Oil Week in Accra, Ghana, that the projects will unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding 591,000 barrels per day of oil and 2.1 billion standard cubic feet of gas per day to output.
“These FDPs underscore Nigeria’s transformation into one of the most attractive upstream investment frontiers globally,” Komolafe said.
The commitments include a $5 billion final investment decision (FID) for the Bonga North deep offshore project and a $500 million FID for the Ubeta Gas Project. Additional FIDs are expected in HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe said reforms under the Petroleum Industry Act (PIA), along with new executive orders, have boosted investor confidence, lifting rig counts from eight in 2021 to 43 in September 2025. He added that President Bola Tinubu has also approved five major acquisition deals worth more than $5 billion, expanding opportunities for indigenous players.
Transparent bid rounds, including the 2024 licensing round where 27 of 31 blocks were taken up, have further strengthened investor participation, the NUPRC chief said.
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