By Obas Esiedesa, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that it approved 79 Field Development Plans (FDPs) between 2024 and 2025, with potential investments valued at $39.98 billion.
In a statement issued on Sunday by its Head of Media and Strategic Communications, Eniola Akinkuotu, to mark the Commission’s fourth anniversary, NUPRC said 41 FDPs were approved in 2024, while 38 have so far been approved in 2025. The approvals represent estimated investments of $20.55 billion in 2024 and $19.43 billion in 2025 year-to-date.
The Commission further noted that it exceeded its revenue targets by 18.3% in 2022, 14.65% in 2023, and 84.2% in 2024, despite fluctuations in global crude oil prices and domestic production. These achievements, it said, contributed significantly to national economic growth.
According to NUPRC, Nigeria’s crude oil output has steadily improved since its 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.
“As a testament to renewed vigour in Nigeria’s upstream oil and gas sector, the rig count rose from eight in 2021 to 69 as of October 2, 2025. This comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack, and 12 on the move — a 762.5% increase in less than four years. The number is expected to increase further in the coming months, reflecting renewed investor confidence in Nigeria. This aligns with President Tinubu’s charge that Nigeria is ready for business and that the right investment climate prevails in the upstream sector,” the statement read.
On recent licensing rounds, the Commission stated that, unlike in the past when the process was opaque and politically influenced, the new digitalized bid process was fully transparent and credible. It described the exercise as the most transparent in Nigeria’s petroleum history, a process attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).
NUPRC also reported that Host Community Development Trusts have remitted N122.34 billion in naira and $168.91 million in dollar contributions as of October 2025. “This translates to a combined remittance of over N358.67 billion, creating a conducive host community environment,” it said.
The Commission added that it is currently overseeing at least 536 community projects at various stages of completion — including schools, health centres, roads, and vocational centres — funded by the Trust. These projects, it stressed, have greatly helped in curbing crude oil theft across the Niger Delta.
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