Nigeria is positioning itself as a leading global destination for upstream oil and gas investment, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said at the Africa Oil Week in Accra.
Komolafe credited the Petroleum Industry Act (PIA) 2021 and subsequent executive directives for sparking a surge in investor confidence. He noted that in 2025 alone, the commission approved 28 new Field Development Plans (FDPs), unlocking an estimated 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas.
“These projects represent $18.2 billion in capital expenditure and are expected to deliver an additional 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily,” Komolafe said.
Key projects include the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project. Final investment decisions are also anticipated on several others, including HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields.
Komolafe disclosed that the government has cleared five acquisition deals worth over $5 billion, enabling more indigenous participation in the upstream sector. Since the PIA’s enactment, 24 regulations have been introduced, 19 of which have been gazetted, he added.
The reforms have driven a sharp rise in rig activity, from just eight in 2021 to 43 as of September 2025. Licensing rounds have also seen strong interest, with 27 of 31 blocks offered in 2024 awarded under simplified terms.
While acknowledging global debates on energy transition, Komolafe said Nigeria is pursuing a “balanced approach,” using hydrocarbons to fuel industrialisation and reduce poverty while gradually incorporating renewable energy.
Industry analysts at the conference said Nigeria’s mix of regulatory clarity, fiscal reforms, and political will is restoring its appeal as Africa’s top upstream hub.
