The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its reform drive has secured $18.2 billion in fresh oil and gas investment commitments for 2025, creating new opportunities for indigenous firms and SMEs.
Chief Executive Gbenga Komolafe said the 28 newly approved Field Development Plans will unlock 1.4 billion barrels of oil and 5.4 TCF of gas, with a projected 591,000 barrels per day added to national output. He noted that the reforms have raised rig counts from just 8 in 2021 to 43 this year.
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Komolafe explained that transparent bid rounds, reduced entry barriers, and flexible licensing have created space for ambitious local players and SMEs to participate in the upstream sector. He added that indigenous firms have already benefitted from over $5 billion worth of recent acquisition deals.
Meanwhile, Minister of State for Petroleum, Senator Heineken Lokpobiri, urged African nations to integrate and harmonise energy policies, saying this would help retain value on the continent and strengthen opportunities for local businesses.
