The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced significant progress in Nigeria’s oil and gas sector, revealing that it approved approximately $20 billion in Field Development Plans (FDPs) over the past ten months. NUPRC Chief Executive, Gbenga Komolafe—represented by Deputy Director Efemona Bassey—made this disclosure during a two-day strategic media workshop for energy correspondents in Lagos. Komolafe explained that the approvals reflect ongoing regulatory reforms aimed at increasing oil production, attracting new investments, and strengthening industry confidence. He noted that despite declining global investment trends, Nigeria has maintained measurable growth supported by the Petroleum Industry Act and recent executive orders issued by President Bola Ahmed Tinubu. Komolafe highlighted key achievements, including crude oil output surpassing 1.7 million barrels per day on several occasions and a rising rig count approaching 70 active rigs nationwide. He reaffirmed the commission’s target of boosting national production by an additional one million barrels per day, with a new licensing round scheduled for December 1, 2025. Emphasizing the pivotal role of the media, he urged journalists to provide factual, contextual, and development-focused reporting to positively shape investor perception while upholding transparency.
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