FG Targets 600,000 bpd Crude Boost from New Oil Investments

The Federal Government projects an additional 600,000 barrels per day (bpd) in crude oil output through new investments in Nigeria’s upstream sector, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

NUPRC Chief Executive, Gbenga Komolafe, announced the projection at the 2025 World Energies Summit in London, stating that the boost will come from 28 Field Development Plans approved this year. The projects are expected to deliver about 600,000 barrels of crude oil and over two billion standard cubic feet of gas per day.

Komolafe said the developments, backed by $18.2 billion in committed capital expenditure, reflect renewed investor confidence and signal that Nigeria’s oil sector is on a growth path. He added that the new output could raise total daily production from 1.39 million barrels in September to about 1.89 million barrels.

“In 2025 alone, 28 new Field Development Plans have been approved, unlocking an additional 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas,” Komolafe said. “These outcomes show that Nigeria remains a strong global energy hub.”

He credited the progress to reforms under President Bola Tinubu’s administration, including the Petroleum Industry Act (PIA) 2021, which introduced fiscal clarity and investor-friendly policies.

Komolafe noted that rig activity has grown from eight in 2021 to 70, with 41 rigs currently drilling, while major projects such as the $5 billion Bonga North and $500 million Ubeta Gas Project confirm sustained investor confidence.

He said the commission is embedding climate responsibility through a Decarbonisation Framework that supports carbon capture, storage, and market access, aligning with the nation’s “Decade of Gas” strategy.

The NUPRC also plans to launch a new Block Licensing Round to attract more investors into both mature and frontier basins under improved fiscal terms.