Nigerian Oil Regulator Approves $40 Billion Worth of Field Development Projects
Nigeria’s oil and gas sector is poised for significant growth as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveals approval of 79 Field Development Plans spanning 2024-2025, representing potential investments of $40 billion.
According to NUPRC’s head of media and strategic communications, Eniola Akinkuotu, the commission approved 41 FDPs worth $20.6 billion in 2024, with an additional 38 plans valued at $19.4 billion already endorsed in 2025. These Field Development Plans serve as comprehensive blueprints detailing hydrocarbon extraction methods and environmental management strategies.
The regulatory milestone comes as President Tinubu’s administration actively promotes Nigeria’s investment readiness in the upstream sector. Supporting this growth, the commission reports completing 306 development wells since 2022, marking substantial progress in infrastructure development.
This expansion reflects Nigeria’s successful efforts to rebuild its oil production capacity after hitting a troubling low of 1.1 million barrels per day in 2022, caused by widespread oil theft, vandalism, and deteriorating infrastructure. Recent data shows production has rebounded significantly, reaching 1.7 million bpd (including condensates) in January 2025, with August levels holding steady at 1.6 million bpd.
The commission’s financial performance has been equally impressive, exceeding revenue targets by 18.3%, 14.7%, and 84.2% in 2022, 2023, and 2024 respectively, despite market volatility. Operational indicators also show improvement, with the rig count rising dramatically from 8 in 2021 to 69 as of October 2, 2025.
Notably, crude oil losses have decreased substantially, dropping from 102,900 barrels per day in 2021 to just 9,600 bpd as of September 2025, representing a 90% reduction thanks to coordinated task force efforts.
The NUPRC is also actively implementing its ‘Drill or Drop’ policy under the Petroleum Act 2021, identifying 400 dormant oil fields and compelling inactive companies to either develop their assets or relinquish them. This initiative aims to optimize resource utilization and prevent the underutilization of potentially productive fields.
