- Nigeria’s oil and gas reforms delivered $18.2 billion through 28 new field development plans in 2025.
- The projects will unlock 1.4 billion barrels of oil and 5.4 TCF of gas for Nigeria’s economy.
Nigeria’s oil and gas reforms have delivered an impressive $18.2 billion in field development plans in 2025. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the reforms unlocked 28 projects, strengthening the country’s drive towards energy security and economic growth.
Speaking at Africa Oil Week in Accra, NUPRC Chief Executive Gbenga Komolafe explained that these commitments are expected to unlock 1.4 billion barrels of oil and 5.4 TCF of gas. They will also add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas. According to him, this aligns with Nigeria’s aspiration to achieve over 3 million barrels per day in oil production.
He noted that the Petroleum Industry Act (PIA) of 2021 created a solid foundation for governance, fiscal reform, and institutional realignment. NUPRC introduced 24 transformative regulations within four years, with 19 already gazetted. These measures aim to remove barriers, improve transparency, and encourage fresh investments. Consequently, Nigeria’s rig count has risen from eight in 2021 to 43 in 2025.
Komolafe highlighted landmark approvals, including the $5 billion Bonga North deep offshore project and the $500 million Ubeta Gas Project. He also confirmed that new investments will soon follow in the HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Nigeria’s oil and gas reforms have also opened opportunities for indigenous players. President Tinubu approved five major acquisition deals worth over $5 billion, boosting local participation. Additionally, licensing rounds since 2022 have been conducted with transparency, leading to strong investor engagement.
Meanwhile, Minister of State for Petroleum Resources Heineken Lokpobiri emphasised Africa’s need for regional integration to end energy poverty. He urged countries to harmonise fiscal policies, retain value within Africa, and strengthen refining capacity through initiatives like the West African Reference Market.
The reforms underline Nigeria’s determination to transform its oil and gas sector into a dynamic, transparent, and investment-friendly environment. With investor confidence rising, the country positions itself as a leader in Africa’s energy future.