The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has said that the 43 Field Development Plans (FDPs) approved in 2025 have the potential to unlock 1.7 billion barrels of crude oil and 7.7 trillion cubic feet of gas.

Komolafe made this known  at the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) held in Lagos. He was represented by the Commission’s Director of Subsurface Development, Emmanuel Mac-Jaja.

According to him, the approved FDPs signal a resurgence in investment and significant progress in Nigeria’s upstream oil and gas sector.

“In 2025 alone, 43 new Field Development Plans (FDPs) were approved, unlocking 1.7 billion barrels of oil and 7.7 trillion cubic feet of gas, backed by over $20bn in committed capital,” Komolafe stated.

The NUPRC boss added that major Final Investment Decisions (FIDs) — including $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project — are expected to unlock nearly two trillion standard cubic feet of gas.

He disclosed that indigenous participation in the upstream sector continues to deepen, with local acquisition deals exceeding $5 billion, reflecting growing investor confidence in homegrown operators.

Komolafe said Nigeria’s renewed drive to boost exploration and production has entered a critical phase, describing the present era as one of transition, transformation, and opportunity.

While acknowledging the global momentum toward renewable energy, he stressed that oil and gas will continue to play a crucial role in meeting the world’s energy demand for decades, especially in developing nations where access to affordable energy remains a major challenge.

Outlining the Commission’s reform agenda, Komolafe highlighted several initiatives geared toward long-term sector growth. These include the deployment of advanced data technologies such as stress field detection, an upgraded National Data Repository to de-risk exploration, and a continuous acreage licensing programme that enhances transparency and global competitiveness.

He also mentioned the Project One Million Barrels initiative, which aims to restore and grow Nigeria’s crude oil production through rig reactivation and well optimisation.

On infrastructure and deepwater projects, Komolafe noted that cluster development and shared facilities are helping to reduce costs and accelerate time to first oil, while frontier basin exploration is being advanced under the Petroleum Industry Act (PIA) to open up new hydrocarbon provinces.

Highlighting the impact of these reforms, Komolafe revealed that rig activity in the country has risen from just eight in 2021 to over 40 in 2025 — a clear sign of renewed investor confidence.

Reaffirming NUPRC’s commitment to environmental sustainability, he cited key programmes such as gas flare commercialisation, the Decade of Gas, and the Presidential CNG Initiative — all designed to monetise gas and minimise emissions.

The CCE also pointed to the Commission’s Upstream Decarbonisation Framework, which incorporates methane monitoring, carbon capture, and access to carbon finance, as well as the Host Community Development Trust, powered by the HostComply platform, to promote transparency, accountability, and shared prosperity in host communities.

Komolafe expressed confidence that ongoing reforms will reposition Nigeria as a leading energy hub in Africa and a major player in the global oil and gas landscape.