• Players stake $18.2 bn to produce 600kbd

Sopuruchi Onwuka

Nigerian is pushing determined programmes to aggressively rebuild oil and gas production capacity from an industry that suffered acute investment drought and consequent plunge in production volumes in the past decade. And the upstream industry regulator is abroad with campaigns that would pool the right set of capital for realizing the new aspiration.

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Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, has been conspicuous at international investment forums with expository presentations on the abundant potentials in the Nigerian petroleum industry and the commercial opportunities that the country presents to the international energy investors.

Engr Komolafe told delegates at the ongoing 2025 World Energies Summit convened by Frontier Energy Network in London that the President Bola Tinubu-led government and the NUPRC are driving bold reforms and strategic actions to turn Nigeria’s past industry challenges into opportunities amidst global pressures for energy transition.

He asked investors to seize the vast opportunities ahead of the launch of Nigeria’s next licensing round for petroleum exploration assets in the country. He added that recent licensing rounds were transparent and acknowledged by stakeholders including the Nigeria Extractive Industries Transparency Initiative (NEITI) and operators who have so far secured approval for 28 Field Development Plans (FDPs) so far to produce 600,000 barrels of oil per day (600kbd) and more than 2 billion standard cubic feet of gas daily (2Bscfd).

“In 2025 alone, 28 new Field Development Plans have already been approved, unlocking an additional 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.

“These projects are expected to add nearly 600,000 barrels of oil per day and more than 2 billion standard cubic feet of gas per day, supported by $18.2 billion in committed CAPEX. 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 its role as a premier global energy hub.

“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. 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.

“Major Final Investment Decisions, such as the $5 billion Bonga North and $500 million Ubeta Gas Project, underscore renewed long-term investor confidence, with several more expected soon,” he said.

In addressing climate action and energy sustainability, Engr Komlafe maintained that government is aligning its energy transition and energy security goals in unified reforms implemented under the Decade of Gas programme.

Engr Komolafe said Nigeria is embedding climate responsibility at the heart of its upstream reforms through a robust Decarbonization Framework that integrates MRV systems, carbon capture and storage, and access to carbon markets. These, according to him, are part of moves toward a just transition.

He noted that the PIA ushered in fiscal reforms and investor-centric policies anchored in transparency, ethical governance, clarity, predictability, sustainability, competitiveness, and investor confidence. He added that the NUPRC, established by the PIA, has issued 24 regulations benchmarked against global standards to restore confidence and stability.

Engr Komolafe also pointed at the three Executive Orders issued by President Tinubu in 2024 as incentives for investments in the Nigeria’s oil and gas sector, noting that the administration of the Host Communities provisions of the PIA has strengthened trust and cooperation, enabling companies to operate more effectively.

According to him, 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 its role as a premier global energy hub.

He further stated that investors now have unprecedented access to both mature and frontier basins, which have been incentivized with favorable fiscal terms.

“As we prepare to launch Nigeria’s next Block Licensing Round, I extend a warm invitation to our local and global partners to join us in this journey,” he added.