The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe says President Bola Tinubu’s reform agenda has repositioned Nigeria as one of the world’s most attractive destinations for upstream oil and gas investment.
Speaking at Africa Oil Week in Accra, Ghana, Komolafe said that bold policy shifts, anchored in the Petroleum Industry Act (PIA) 2021 and reinforced by presidential executive orders, have triggered a surge in investor confidence and unlocked billions of dollars in new commitments.
“In 2025 alone, the Commission approved 28 new Field Development Plans (FDPs), unlocking 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. These projects will add an expected 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day of gas,” Komolafe disclosed.
According to him, the FDPs represent $18.2 billion in capital expenditure, underscoring Nigeria’s transformation into “one of the most dynamic upstream investment frontiers globally.”
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He stated that the new commitments align with Nigeria’s ambition to increase its crude oil production capacity to over three million barrels per day, while enhancing revenue, energy security, and regional growth.
Milestone projects and fresh acquisitions
Highlighting recent milestones, Komolafe cited the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project as proof of renewed long-term commitment from international operators. Additional final investment decisions are expected on projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
He added that five major acquisition deals worth over $5 billion have been approved since Tinubu assumed office, creating new opportunities for indigenous players to increase their participation in the sector.
Komolafe credited the PIA for ushering in “a new era of governance, fiscal reform, and institutional realignment,” which has repositioned the NUPRC as a forward-thinking regulator.
“In nearly four years, we have rolled out 24 transformative regulations—19 already gazetted—to operationalise the PIA,” he said.
“We have also unveiled a comprehensive Regulatory Action Plan to dismantle entry barriers, resolve bottlenecks, and ensure transparent licensing rounds.”
These reforms are producing measurable results: Nigeria’s rig count has surged from eight in 2021 to 43 as of September 2025, while bid rounds have attracted exceptional investor participation. In the 2024 Licensing Round alone, 27 out of 31 blocks were successfully taken up following streamlined terms and optimised signature bonus requirements.
Balancing energy transition and growth
Komolafe stressed that Nigeria’s strategy strikes a balance between sustainability and economic necessity, leveraging hydrocarbon resources to drive industrialisation and poverty reduction while gradually adopting renewable energy.
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“With the PIA as foundation, reinforced by bold executive orders and regulatory clarity, Nigeria is not just opening its doors to investors; we are building a world-class upstream environment that rewards ambition, innovation, and responsibility,” he said.
Industry observers at Africa Oil Week described Nigeria’s pitch as among the most compelling, citing the blend of legal certainty, regulatory clarity, and political will that is now reshaping global perceptions of the country as an oil and gas hub.