The Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, has disclosed that the 43 Field Development Plans (FDPs) recorded this year could unlock 1.7 billion barrels of crude and 7.7 trillion cubic feet of gas.
Komolafe stated this in his address to the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on Monday, November 10, 2025.
The CEO who was represented by the Director, Subsurface Development of the Commission, Emmanuel Mac-Jaja, noted that these FDPs reflected resurgence in investment.
He said: “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 $20bn in committed capital.”
Komolafe added major Final Investment Decisions (FIDs) including the $5bn for Bonga North, $500m for Ubeta Gas, and $2bn for Shell’s HI Gas Project, unlocking nearly 2 trillion standard cubic feet of gas.
The NUPRC boss stated that indigenous participation continues to deepen, with local acquisition deals exceeding $5bn, signalling growing confidence in homegrown players.
He noted that Nigeria’s push to reignite oil and gas exploration and production has entered a new phase. According to him, Nigeria is at a defining moment in global energy one of transition, transformation, and opportunity.
Speaking on balancing transition with reality, the NUPRC boss observed that 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.
On upstream reforms powering growth, Engr. Komolafe outlined several ongoing initiatives aimed at repositioning Nigeria’s upstream sector for long-term progress.
These, the CCE said, include advanced data systems that involve the use of cutting -edge technologies like stress field detection and an upgraded National Data Repository to de-risk exploration; continuous acreage licensing, which provides a transparent and predictable framework for global competitiveness; and the Project One Million Barrels, a push to restore and grow daily production through rig reactivation and well optimization.
He added that deepwater expansion, through cluster development and shared infrastructure, is helping to cut costs and accelerate first oil, while frontier basin development leverages the Petroleum Industry Act (PIA) to explore untapped basins across Nigeria.
On the increase in investments, the CCE highlighted significant progress driven by these reforms. Rig activity, he said, has risen from just eight in 2021 to well over 40 today, reflecting renewed investor confidence in Nigeria’s upstream sector.
