Upstream Regulator Approves 28 Field Development Plans

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it approved 28 Field Development Plans (FDPs) truthful acold successful 2025, which are expected to adhd 600,000 barrels of lipid per time and much than 2 cardinal modular cubic feet of state regular to Nigeria’s accumulation output.

The main enforcement of the NUPRC, Engr. Gbenga Komolafe said this astatine the ongoing 2025 World Energies Summit convened by Frontier Energy Network successful London.

He said that successful 2025 alone, 28 caller FDPs had already been approved, unlocking an further 1.4 cardinal barrels of lipid and 5.4 trillion cubic feet of gas.

“These projects are expected to adhd astir 600,000 barrels of lipid per time and much than 2 cardinal modular cubic feet of state per day, supported by $18.2 cardinal successful committed CAPEX. Together, these outcomes show that Nigeria’s upstream assemblage is not lone connected a maturation trajectory but is besides attracting the standard of concern needed to prolong its relation arsenic a premier planetary vigor hub.”The NUPRC brag noted that the President Bola Tinubu-led authorities and the Commission are responding with bold reforms and strategical actions to crook challenges into opportunities amidst planetary pressures for vigor transition.

He truthful asked investors to prehend the immense opportunities up of the motorboat of Nigeria’s adjacent Block Licensing Round.

Highlighting the dividends of bold reforms, the CCE disclosed that the Commission had conducted licensing initiatives specified arsenic the 2022 Petroleum Prospecting Licences, the Mini-Bid Round for heavy offshore blocks, and the landmark 2024 Licensing Round, which was adjudged transparent by operators and stakeholders, including the Nigeria Extractive Industries Transparency Initiative (NEITI).

“Beyond the successes of our information acquisition campaigns and licensing rounds, each cardinal metric connected our show dashboard reflects widening entree and exceptional capitalist participation.

Rig activity, for instance, has surged from conscionable 8 successful 2021 to 70 today, retired of which 41 are drilling connected site. Production has besides risen significantly, from 1.46 cardinal barrels per time successful October 2024 to astir 1.8 cardinal barrels per day.

“Major Final Investment Decisions, specified arsenic the $5 cardinal Bonga North and $500 cardinal Ubeta Gas Project, underscore renewed semipermanent capitalist confidence, with respective much expected soon,” the CCE disclosed.

The CCE maintained that the vigor modulation is simply a information substance for the continent and Nigeria. He noted that this has led to bold reforms aligned with the country’s modulation strategy, the Decade of Gas.

He highlighted however the Petroleum Industry Act (PIA), 2021, reshaped and clarified the Nigerian lipid and state industry.

According to him, the PIA ushered successful fiscal reforms and investor-centric policies anchored successful transparency, ethical governance, clarity, predictability, sustainability, competitiveness, and capitalist confidence.

He noted that the NUPRC, established by the PIA, has issued 24 regulations benchmarked against planetary standards to reconstruct assurance and stability.

Komolafe reiterated that President Tinubu’s 3 Executive Orders issued successful 2024 person further incentivised Nigeria’s lipid and state sector.As portion of moves toward a conscionable transition, Komolafe said Nigeria is embedding clime work astatine the bosom of its upstream reforms done a robust Decarbonisation Framework that integrates MRV systems, c seizure and storage, and entree to c markets.

The NUPRC brag besides noted that the medication of the PIA’s Host Communities provisions had strengthened spot and cooperation, enabling companies to run much effectively.

According to him, these outcomes show that Nigeria’s upstream assemblage is not lone connected a maturation trajectory but is besides attracting the standard of concern needed to prolong its relation arsenic a premier planetary vigor hub.

He further stated that investors present had unprecedented entree to some mature and frontier basins, which person been incentivised with favourable fiscal terms.“As we hole to motorboat Nigeria’s adjacent Block Licensing Round, I widen a lukewarm invitation to our section and planetary partners to articulation america successful this journey,” helium added.