NUPRC Achieves $18bn Investment in Oil & Gas Sector in 2025

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe announced that reforms in the oil and gas sector have attracted $18 billion in Field Development Plans (FDPs) in 2025. This includes 28 FDPs with a billion-dollar investment commitment, expected to unlock billions of barrels of oil and gas reserves.

Komolafe highlighted the country's aspiration to achieve 3 million barrels per day in oil output. The presentation at the Africa Oil Week in Accra, Ghana, emphasized the importance of energy security and economic growth under the new Petroleum Industry Act of 2021.