Nigeria secures $18bn oil, gas projects as upstream reforms spur investor confidence

Nigeria’s oil and gas sector is witnessing a wave of fresh capital inflows, with reforms under the Petroleum Industry Act (PIA) unlocking $18.2 billion in investment commitments in 2025 alone, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced.

Chief Executive of the NUPRC, Gbenga Komolafe, told participants at the Africa Oil Week (AOW) in Accra, Ghana on Tuesday, that the commission approved 28 new Field Development Plans (FDPs) this year, paving the way for 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas to be developed. The projects are projected to add 591,000 barrels per day of oil and 2.1 billion standard cubic feet per day of gas to national output.

“These FDPs, backed by $18.2 billion in capital commitments, underline Nigeria’s transformation into one of the world’s most attractive upstream investment frontiers,” Komolafe said.

Among the highlights are the $5 billion final investment decision (FID) for the Bonga North deep offshore development and the $500 million Ubeta Gas Project, with additional FIDs expected on projects such as HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.

Komolafe noted that investor confidence has been bolstered by regulatory reforms, presidential executive orders, and transparent licensing processes. Rig counts, he said, have risen from eight in 2021 to 43 as of September 2025.

He added that President Bola Tinubu’s administration has also approved five major acquisition deals worth over $5 billion, creating opportunities for ambitious indigenous players.

Past bid rounds, including the award of 57 Petroleum Prospecting Licenses in 2022, a 2022 mini-bid round, and the 2024 licensing round, were executed with record levels of transparency and competitiveness, resulting in 27 of 31 available blocks being successfully awarded last year.

“With the PIA as our foundation, reinforced by bold presidential orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream environment that rewards ambition, innovation, and responsibility,” Komolafe said.