The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has mentioned it permitted 28 Discipline Growth Plans (FDPs) to date in 2025, that are anticipated so as to add 600,000 barrels of oil per day and greater than 2 billion commonplace cubic toes of fuel every day to Nigeria’s manufacturing output.
The chief govt of the NUPRC, Engr. Gbenga Komolafe mentioned this on the ongoing 2025 World Energies Summit convened by Frontier Power Community in London.
He mentioned that in 2025 alone, 28 new FDPs had already been permitted, unlocking an extra 1.4 billion barrels of oil and 5.4 trillion cubic toes of fuel.
“These initiatives are anticipated so as to add practically 600,000 barrels of oil per day and greater than 2 billion commonplace cubic toes of fuel per day, supported by $18.2 billion in dedicated CAPEX. Collectively, these outcomes display that Nigeria’s upstream sector just isn’t solely on a progress trajectory however can also be attracting the size of funding wanted to maintain its function as a premier world vitality hub.”The NUPRC boss famous that the President Bola Tinubu-led authorities and the Fee are responding with daring reforms and strategic actions to show challenges into alternatives amidst world pressures for vitality transition.
He subsequently requested buyers to grab the huge alternatives forward of the launch of Nigeria’s subsequent Block Licensing Spherical.
Highlighting the dividends of daring reforms, the CCE disclosed that the Fee had carried out licensing initiatives such because the 2022 Petroleum Prospecting Licences, the Mini-Bid Spherical for deep offshore blocks, and the landmark 2024 Licensing Spherical, which was adjudged clear by operators and stakeholders, together with the Nigeria Extractive Industries Transparency Initiative (NEITI).
“Past the successes of our information acquisition campaigns and licensing rounds, each key metric on our efficiency dashboard displays widening entry and distinctive investor participation.
Rig exercise, for example, has surged from simply 8 in 2021 to 70 immediately, out of which 41 are drilling on website. Manufacturing has additionally risen considerably, from 1.46 million barrels per day in October 2024 to round 1.8 million barrels per day.
“Main Ultimate Funding Choices, such because the $5 billion Bonga North and $500 million Ubeta Fuel Venture, underscore renewed long-term investor confidence, with a number of extra anticipated quickly,” the CCE disclosed.
The CCE maintained that the vitality transition is a safety matter for the continent and Nigeria. He famous that this has led to daring reforms aligned with the nation’s transition technique, the Decade of Fuel.
He highlighted how the Petroleum Business Act (PIA), 2021, reshaped and clarified the Nigerian oil and fuel business.
In accordance with him, the PIA ushered in fiscal reforms and investor-centric insurance policies anchored in transparency, moral governance, readability, predictability, sustainability, competitiveness, and investor confidence.
He famous that the NUPRC, established by the PIA, has issued 24 laws benchmarked towards world requirements to revive confidence and stability.
Komolafe reiterated that President Tinubu’s three Government Orders issued in 2024 have additional incentivised Nigeria’s oil and fuel sector.As a part of strikes towards a simply transition, Komolafe mentioned Nigeria is embedding local weather duty on the coronary heart of its upstream reforms via a sturdy Decarbonisation Framework that integrates MRV techniques, carbon seize and storage, and entry to carbon markets.
The NUPRC boss additionally famous that the administration of the PIA’s Host Communities provisions had strengthened belief and cooperation, enabling corporations to function extra successfully.
In accordance with him, these outcomes display that Nigeria’s upstream sector just isn’t solely on a progress trajectory however can also be attracting the size of funding wanted to maintain its function as a premier world vitality hub.
He additional said that buyers now had unprecedented entry to each mature and frontier basins, which have been incentivised with beneficial fiscal phrases.“As we put together to launch Nigeria’s subsequent Block Licensing Spherical, I prolong a heat invitation to our native and world companions to hitch us on this journey,” he added.
