The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected an increase of approximately 600,000 barrels per day in Nigeria’s crude oil production, driven by a surge in new investments in the upstream sector.
The commission, in a statement signed on Wednesday by its Head of Media and Strategic Communication, Eniola Akinkuotu, anticipated that the additional output would come from the 28 Field Development Plans approved so far in 2025, which are expected to deliver about 600,000 barrels of crude oil and over two billion standard cubic feet of gas per day.
The NUPRC’s Chief Executive, Engr. Gbenga Komolafe, was quoted as making these projections at the ongoing 2025 World Energies Summit convened by Frontier Energy Network in London.
He said: “In 2025 alone, 28 new Field Development Plans have already been approved, unlocking an additional 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
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“These projects are expected to add nearly 600,000 barrels of oil per day and more than two billion standard cubic feet of gas per day, supported by $18.2 bn in committed CAPEX. Together, these outcomes demonstrate that Nigeria’s upstream sector is not only on a growth trajectory but is also attracting the scale of investment needed to sustain its role as a premier global energy hub”, Komolafe added.
While explaining that the Commission was initiating bold reforms and taking strategic actions to turn the challenges in the nation’s hydrocarbon resources industry into opportunities as global pressures for energy transition remain unabated, the NUPRC boss urged investors to seize the vast opportunities ahead of the launch of Nigeria’s next Block Licensing Round.
Speaking on some of the reform measures of the commission, the industry expert disclosed that the Commission had conducted licensing initiatives such as the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for deep offshore blocks, and the landmark 2024 Licensing Round, which was rated as transparent by operators and stakeholders, including the Nigeria Extractive Industries Transparency Initiative (NEITI).
Komolafe further clarified: “Beyond the successes of our data acquisition campaigns and licensing rounds, every key metric on our performance dashboard reflects widening access and exceptional investor participation. Rig activity, for instance, has surged from just 8 in 2021 to 70 today, out of which 41 are drilling on site. Production has also risen significantly, from 1.46 million barrels per day in October 2024 to around 1.8 million barrels per day.
“Major final investment decisions, such as the $5 billion Bonga North and $500m Ubeta Gas Project, underscore renewed long-term investor confidence, with several more expected soon”, he projected.
The NUPRC chief maintained that energy transition remained a matter of energy security for the continent and Nigeria hence the sundry reforms by the commission, which aligned with the country’s transition strategy, which is the Decade of Gas.
Similarly, Komolafe also spoke on the Petroleum Industry Act (PIA) in terms of its positive impacts on the oil and gas industry.
