The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria has secured $18.2 billion in upstream investment commitments through 28 newly approved Field Development Plans (FDPs).
These projects are set to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, boosting production by approximately 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily, advancing Nigeria’s goal of reaching 3 million barrels per day.
NUPRC Chief Executive Gbenga Komolafe credited the Petroleum Industry Act (PIA) reforms and President Bola Ahmed Tinubu’s directives for positioning Nigeria as a top global investment destination.
Rig counts have surged from 8 in 2021 to 43 in 2025, with major projects like the $5 billion Bonga North development and the $500 million Ubeta Gas Project already underway.
President Tinubu has also greenlit five acquisition deals worth over $5 billion, creating opportunities for local players.
Recent bid rounds, conducted with unprecedented transparency, have drawn strong investor interest.
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