Nigeria’s upstream regulator has approved $18.2bn of field development plans (FDPs) covering 28 projects, in a move expected to add nearly 600,000 bpd of crude and 2.1bn scfd of gas.

The approvals mark one of the largest investment commitments since the 2021 Petroleum Industry Act (PIA), signalling renewed investor confidence and underpinning the government’s target of raising crude capacity above 3mn barrels per day (bpd).

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the 28 FDPs would unlock an estimated 1.4bn barrels of oil and 5.4 trillion cubic feet (tcf) of gas. Chief Executive Gbenga Komolafe announced the approvals on September 17 at Africa Oil Week in Accra, saying the projects are expected to boost production and strengthen Nigeria’s energy security.

Komolafe noted that NUPRC has rolled out 24 new regulations since the passage of the PIA in August 2021, 19 of which have been gazetted. He credited the reforms and regulatory clarity introduced under the Act as central to mobilising capital. The Commission has also launched a Regulatory Action Plan to streamline licensing and approvals, Komolafe said.

The $18.2bn of committed spending includes several high-profile offshore and gas projects. Among them are the $5bn Bonga North development operated by Shell and the $500mn Ubeta Gas project, alongside expected final investment decisions (FIDs) for HI NAG Development, Ima Gas, Owowo Deep Offshore and Preowei fields. Analysts caution that the timing of these FIDs remains uncertain.

NUPRC also pointed to rising rig activity as evidence of a sector revival. The number of active rigs reached 43 by September, up from just eight in 2021. Officials said the increase reflects improved investor sentiment and aligns with President Bola Tinubu’s “Renewed Hope Agenda” of institutional reform and fiscal stability.

The FDPs will bolster Nigeria’s position as a gas producer, with the large volumes tied to the projects expected to support domestic consumption, feed industrial demand and boost exports via LNG, according to the Commission.

"These FDPs, with $18.2bn in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world,” Komolafe said.

He said that recent bid rounds and concession awards, including the 57 Petroleum Prospecting Licences (PPLs) awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.