*Tinubu’s executive orders transforming oil sector- Komolafe

Sopuruchi Onwuka

The Chief Executive (CCE) of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, says federal government has started recording dividends of the transformative reforms in the upstream petroleum industry.

Engr. Gbenga Komolafe told delegates at ongoing Africa Oil Week (AOW) that his office has approved 28 Field Development Plans, “which underscores the attractiveness of the upstream sector.”

He said the development plans comes with $18.2 billion worth of investment
commitments that unlock significant 1.4 billion barrels of oil and 5.4 TCF
of gas.

When completed, the new field are expected to add some 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (Bscfd) of gas to gross national hydrocarbon production.

Engr Komolafe emphasized the industry’s commitment to deliver over 3 million barrels per day crude oil
production in line with medium term national economic aspiration.

In delivering a presentation on ‘Nigeria’s competitive reforms agenda for Unlocking Potentials in Upstream Oil & Gas,’ Engr Komolafe reiterated the importance of energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa.

He said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment and a dedicated and forward-thinking regulator.

In nearly four years, the CCE disclosed, the NUPRC has rolled out 24
transformative regulations, 19 of which are now gazetted to operationalize key
provisions of the PIA.

According to him, the NUPRC has unveiled a comprehensive Regulatory Action Plan (RAP), aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.

He said the transformative initiatives of the Commission have delivered results,
including raising rig counts from 8 in 2021 to 43 as of September 2025.

The CCE said, “In 2025 alone, the Commission has approved 28 new Field
Development Plans, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas.

“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s
transformation into one of the most dynamic and attractive upstream investment frontiers in the world.”

Other results include the “$5 billion FID for the Bonga North deep offshore
development and the $500 million Ubeta Gas Project signal renewed long-term
commitments, with additional FIDs expected in projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.”

The CCE said President Bola Ahmed Tinubu also approved five major acquisition deals worth over $5 billion,
unlocking opportunities for ambitious indigenous players.

He noted that recent bid rounds and concession awards, including the 57 PPL
awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.

He explained how optimising signature bonus requirements and removing barriers to entry ensured wider accessibility, resulting in 27 out of 31 blocks offered in 2024 being successfully taken up.

According to him, the developments lay strong foundation for fresh investments and accelerated sectoral growth.

“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility.

The CCE said this affirms that Nigeria today stands at the dawn of a new era; one defined by clarity, competitiveness, and confidence.