The Nigerian Upstream Petroleum Regulatory Commission announced that reforms under the Petroleum Industry Act have attracted $18.2 billion in investment commitments through 28 approved Field Development Plans, signaling a transformative boost for Nigeria’s oil and gas sector.

Speaking at the Africa Oil Week in Accra, Ghana, on Tuesday, September 16, 2025, NUPRC Chief Executive Gbenga Komolafe highlighted the impact of President Bola Tinubu’s reform agenda.

The plans are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily, pushing Nigeria toward its goal of over 3 million barrels daily.

Komolafe noted that the PIA, enacted in 2021, has introduced robust governance and fiscal reforms, with NUPRC implementing 24 transformative regulations, 19 gazetted, to streamline operations.

The commission’s Regulatory Action Plan has removed entry barriers, enhanced transparency in licensing, and increased rig counts from 8 in 2021 to 43 by September 2025. Recent bid rounds, including the 2024 Licensing Round, saw 27 of 31 blocks taken up.

Major deals include a $5 billion Final Investment Decision for Bonga North and a $500 million Ubeta Gas Project, with more expected for projects like Owowo Deep Offshore.

Five acquisition deals worth over $5 billion, approved by Tinubu, have empowered indigenous players. The NUPRC also oversaw the first 2020 Marginal Field Bid Round licence conversion to a Petroleum Mining Lease.