The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unlocked nearly $40 billion in new oil and gas investments through the approval of 79 Field Development Plans (FDPs) between 2024 and 2025.
The Commission also exceeded its government revenue collection targets for three consecutive years, reflecting strengthened regulatory performance and renewed investor confidence in Nigeria’s upstream sector.
In a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, the Commission stated that its achievements since the implementation of the Petroleum Industry Act (PIA) have restored investor confidence, deepened transparency and repositioned Nigeria’s upstream oil and gas sector for sustainable growth.
According to the report, the NUPRC surpassed its government revenue benchmarks by 18.3 percent in 2022, 14.65 percent in 2023, and a record 84.2 percent in 2024.
The Commission noted that the 79 Field Development Plans approved over the past two years comprise 41 projects in 2024 valued at $20.55 billion and 38 projects in 2025 year-to-date worth $19.43 billion. These projects, it said, are expected to unlock new capital inflows, boost domestic production capacity, and attract renewed exploration activities across Nigeria’s hydrocarbon basins.
“The approval of these Field Development Plans reflects the renewed confidence of investors in Nigeria’s upstream regulatory environment,” the statement said. “The Commission continues to provide transparent, predictable, and stable regulatory oversight in line with the objectives of the Petroleum Industry Act, 2021.”
The regulator also reaffirmed its commitment to increasing crude oil output through its Project 1Mbopd Initiative, which targets an average production capacity of 2.5 million barrels per day by 2027, up from the current 1.65 million barrels per day.
Beyond production growth, the NUPRC highlighted ongoing reforms in licensing, data transparency, and digital operations as key drivers of investor trust.
Its digitalized bid rounds have been certified by the Nigeria Extractive Industries Transparency Initiative (NEITI) as the most transparent in the nation’s upstream history, eliminating political interference and promoting global best practices.
The Commission further emphasized its role in creating an enabling environment for operators through the development of 24 forward-looking regulations, 19 of which have been gazetted. These, it said, serve as instruments to strengthen compliance, enhance accountability, and support Nigeria’s long-term energy objectives.
The NUPRC reaffirmed that it remains focused on delivering value to stakeholders, maintaining fiscal discipline, and aligning Nigeria’s upstream operations with global standards to attract sustainable investment.
