…as Minister says era of obtaining oil field license as souvenir is over
By Olakunle Oke
The Federal Government has approved 43 Field Development Plans (FDPs) in 2025 alone, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe has disclosed.
Speaking at the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on Monday, Komolafe who was represented by the Director, Subsurface Development of the Commission, Emmanuel Mac-Jaja, noted that these FDPs reflected a resurgence in investments.
The CCE, who spoke on the theme, “Revitalising the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development,” said the development depicts significant progress in Nigeria’s upstream 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,” he stated.
Engineer Komolafe added that major Final Investment Decisions(FIDs) including the $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project, unlocking nearly 2 trillion standard cubic feet of gas.
The NUPRC boss stated that indigenous participation continues to deepen, with local acquisition deals exceeding $5bn, signaling growing confidence in homegrown players.
He noted that Nigeria’s push to reignite oil and gas exploration and production has entered a new phase. According to him, Nigeria is at a defining moment in global energy one of transition, transformation, and opportunity.
Speaking on balancing transition with reality, the NUPRC boss observed that while the global shift toward renewables is gaining momentum, oil and gas will remain indispensable for decades to come, particularly in developing economies where energy access remains a critical challenge.
On upstream reforms powering growth, Engr. Komolafe outlined several ongoing initiatives aimed at repositioning Nigeria’s upstream sector for long-term progress.
These, the CCE said, include advanced data systems that involve the use of cutting -edge technologies like stress field detection and an upgraded National Data Repository to de-risk exploration; continuous acreage licensing, which provides a transparent and predictable framework for global competitiveness; and the Project One Million Barrels, a push to restore and grow daily production through rig reactivation and well optimization.
He added that deepwater expansion, through cluster development and shared infrastructure, is helping to cut costs and accelerate first oil, while frontier basin development leverages the Petroleum Industry Act (PIA) to explore untapped basins across Nigeria.
On the increase in investments, the CCE highlighted significant progress driven by these reforms. Rig activity, he said, has risen from just eight in 2021 to well over 40 today, reflecting renewed investor confidence in Nigeria’s upstream sector.
Also speaking at the conference, the Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri, PhD has declared that the era of obtaining oil field licenses as souvenir is over.
The Minister noted that without bias the government will revoke dormant licenses and will rather issues the licenses to operators who are willing to invest and develop the field.
Lokpobiri further outlined the government’s commitment to revitalizing exploration and production while delivering both energy security and sustainable development. “We must do something audacious and necessary,” he said, emphasizing that the four Rs will define the sector’s success and Nigeria’s place in global energy markets.
The Minister highlighted that exploration remains a “risk business” that demands clarity and incentives. Since 2023, reforms under President Bola Tinubu’s administration have sought to restore investor confidence through fiscal incentives, streamlined approvals, and stronger regulatory frameworks.
These reforms, he said, are designed to make Nigeria the “destination of choice” for upstream investment.
He announced plans to reopen oil acreage with improved terms, digitize national geodata, and enforce contractual sanctity. Nigeria’s goal, he added, is to boost production to three million barrels per day by enabling credible operators to drive large-scale greenfield developments.
Revenues: Turning Molecules Into Money
“Nigeria’s energy policies must translate into projects, and projects into cash flow,” the minister stated. He revealed that in the past 18 months, over $8 billion in Final Investment Decisions (FIDs) had been unlocked, with another $20 billion in view.
The government is also prioritizing gas commercialization through long-term sales agreements, gas-to-power projects, and industrial off-take schemes aimed at creating jobs and stabilizing the grid. “Our goal is domestic value creation to earn or save revenue from every molecule produced,” he said.
Energy security, he stressed, must go beyond press statements. It should reflect in everyday life from affordable fuel to reliable power supply. He outlined five pillars for achieving this: feedstock security, efficient approvals, pipeline integrity, power sector liquidity, and regional energy integration.
“These are not abstract policies,” he said. “They mean better lives, reliable power, affordable fuel, and fiscal space for social investment.”
The minister reaffirmed Nigeria’s commitment to responsible energy production that balances growth with emissions reduction. Efforts include methane abatement, flare-to-value initiatives, renewable integration, and pilot carbon capture projects.
“Nigeria will remain a reliable oil supplier and Africa’s leading gas hub,” he said. “We’re not choosing between development and decarbonization we’re achieving development through decarbonization.”
He also called for stronger partnerships between government and industry, emphasizing that while government provides clarity, industry must bring capital and discipline. “Together, we can make Nigeria Africa’s lowest-risk, highest-return energy story,” he said.
The minister reminded stakeholders that energy reform must ultimately serve the Nigerian people. “Energy security is not just about electrons or molecules,” he declared. “It is about ensuring that every Nigerian child can aspire to a brighter tomorrow, powered by the work we do today.”