The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has announced that the country’s competitive reform agenda has delivered 28 Field Development Plans with $18.2 billion worth of investment commitments.

These commitments are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding an expected 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day of gas.

Komolafe made this disclosure at the Africa Oil Week held in Accra, Ghana, attributing these feats to President Bola Tinubu’s renewed hope vision.

The Commission boss emphasized the importance of energy security as the cornerstone of economic growth, national resilience, and shared prosperity in Africa.

He said Nigeria’s new energy regime under the Petroleum Industry Act, 2021, ushered in a new era of governance, fiscal reform, and institutional realignment.

“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas. These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world,” he said.

According to Komolafe, the Commission has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the PIA.

The NUPRC also unveiled a comprehensive Regulatory Action Plan, aligned with the PIA, to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds.

The Commission boss highlighted the transformative initiatives of the Commission, which have delivered results, including raising rig counts from 8 in 2021 to 43 as of September 2025. Other results include the $5 billion Final Investment Decision for the Bonga North deep offshore development and the $500 million Ubeta Gas Project, signaling renewed long-term commitments.

“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe added.