The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, says reforms in the oil and gas sector have attracted $18.2 billion worth of investment commitments in 2025. He said 28 new Field Development Plans have been approved, expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
Speaking at the Africa Oil Week in Accra, Ghana, Komolafe explained that the commitments could add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas, boosting Nigeria’s goal of producing over three million barrels daily. He linked the progress to President Bola Tinubu’s reform vision under the Petroleum Industry Act.
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Komolafe noted that the Commission has rolled out 24 new regulations to implement the Act, including measures to remove entry barriers and ensure transparent licensing rounds. He said rig counts had risen from eight in 2021 to 43 as of September this year, signalling renewed investor confidence.
The NUPRC boss added that recent bid rounds, including the 2024 Licensing Round, drew strong investor participation after reforms optimised signature bonus requirements. He said the reforms were laying the foundation for long-term growth, with major projects such as Bonga North and the Ubeta Gas Project already moving forward.
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