The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved 79 Field Development Plans valued at $39.98 billion between 2024 and 2025, marking record investments and transparency reforms in Nigeria’s oil sector.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the approval of 79 Field Development Plans (FDPs) between 2024 and 2025, representing potential investments valued at $39.98 billion.
In a statement issued on Sunday by Eniola Akinkuotu, Head of Media and Strategic Communications, to commemorate the Commission’s fourth anniversary, NUPRC revealed that 41 FDPs were approved in 2024, while 38 have been approved so far in 2025. The approvals represent estimated investments of $20.55 billion in 2024 and $19.43 billion in 2025 year-to-date.
Revenue Growth and Economic Impact
The Commission disclosed that it exceeded its revenue targets by 18.3% in 2022, 14.65% in 2023, and 84.2% in 2024, despite global oil price fluctuations and domestic production challenges. These achievements, it said, have significantly contributed to national economic growth and reinforced investor confidence in Nigeria’s upstream oil and gas sector.
Rising Crude Oil Production
According to NUPRC, Nigeria’s crude oil output has steadily improved since the Commission’s establishment in 2022, with current production averaging 1.65 million barrels per day (Mbopd). Under its Project 1Mbopd Initiative, production is projected to rise to 2.5Mbopd by 2027.
The Commission added that the rising rig count reflects renewed investor confidence and aligns with President Bola Tinubu’s directive that Nigeria is “ready for business” and that the right investment climate now prevails in the upstream sector.
Transparent Licensing and Digital Reforms
On recent licensing rounds, NUPRC highlighted that, unlike in the past when the process was opaque and politically influenced, the new digitalised bid process was fully transparent and credible.
It described the exercise as the most transparent in Nigeria’s petroleum history, a claim attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).
The Commission reaffirmed its commitment to digital transformation, ensuring that all licensing, monitoring, and compliance processes are automated and traceable, thereby improving efficiency and accountability in the sector.
Host Community Development and Impact
NUPRC also reported that Host Community Development Trusts (HCDTs) have remitted ₦122.34 billion in naira and $168.91 million in dollar contributions as of October 2025.
The Commission disclosed that it is currently overseeing 536 community projects at various stages of completion, including schools, health centres, roads, and vocational centres, all funded by the Trusts.
These projects, it noted, have significantly reduced crude oil theft and improved relations between oil companies and host communities across the Niger Delta.
Strengthening Nigeria’s Upstream Future
NUPRC reaffirmed its commitment to sustainable resource management, investment promotion, and community development, positioning Nigeria as a leading destination for upstream investments in Africa.
The Commission stated that its ongoing reforms are designed to enhance transparency, attract global investors, and ensure that the benefits of Nigeria’s petroleum resources are shared equitably among all stakeholders.