The Nigerian Upstream Petroleum Regulatory Commission, (NUPRC) says that the surge in new investments in the upstream sector of the Nigerian oil industry will result in an increase of about 600,000 barrels per day in crude oil production.
The Chief Executive officer of the NUPRC, Mr. Gbenga Komolafe, said at the ongoing 2025 World Energies Summit convened by Frontier Energy Network in London that the additional output would come from the 28 Field Development Plans approved so far in 2025, which are expected to deliver about 600,000 barrels of crude oil and over two billion standard cubic feet of gas per day.
He noted that the additional outputs will raise Nigeria’s daily crude production to about 1.89 million barrels, up from 1.39 million barrels per day recorded in September.
“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 two billion standard cubic feet of gas per day, supported by $18.2 bn 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,” the statement signed by the Head of Media and Strategic Communication, of the Commission, Eniola Akinkuotu, on Wednesday, quoted Komolafe, as saying.
According to the statement, the NUPRC boss noted that the Commission is responding with bold reforms and strategic actions to turn challenges into opportunities amidst global pressures for energy transition.
He therefore urged investors to seize the vast opportunities ahead of the launch of Nigeria’s next Block Licensing Round.
Highlighting the dividends of bold reforms, Komolafe disclosed that the Commission has conducted licensing initiatives such as the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for deep offshore blocks, and the landmark 2024 Licensing Round, which was adjudged transparent by operators and stakeholders, including the Nigeria Extractive Industries Transparency Initiative.
“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 $500m Ubeta Gas Project, underscore renewed long-term investor confidence, with several more expected soon,” he said.
He maintained that energy transition is a matter of energy security for the continent and Nigeria. This, he noted, has led to bold reforms aligned with the country’s transition strategy, which is the Decade of Gas.
He also highlighted how the Petroleum Industry Act, 2021, reshaped and brought clarity to the Nigerian oil and gas industry.
GIK/APA