The Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, yesterday said that the 43 Field Development Plans (FDPs) recorded this year could unlock 1.7 billion barrels of crude and 7.7 trillion cubic feet of gas.

Komolafe gave the indication at the 43rd Annual International Conference and Exhibition (AICE) of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, a statement by NUPRC’s Head, Media and Strategic Communication, Eniola Akinkuotu, stated.

The CCE who was represented by the Director, Subsurface Development of the Commission, Emmanuel Mac-Jaja, noted that these FDPs reflected a resurgence in investments.

The CCE, who spoke on the theme: “Revitalising the Nigerian Petroleum Exploration and Production: Strategies for Energy Security and Sustainable Development,” said the development depicts significant progress in Nigeria’s upstream sector.

“In 2025 alone, 43 new Field Development Plans (FDPs) were approved, unlocking 1.7 billion barrels of oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in committed capital,” he stated.

Komolafe added that major Final Investment Decisions(FIDs), including the $5 billion for Bonga North, $500 million for Ubeta Gas, and $2 billion for Shell’s HI Gas Project, unlocking nearly 2 trillion standard cubic feet of gas.

The NUPRC chief stated that indigenous participation continues to deepen, with local acquisition deals exceeding $5 billion, signaling growing confidence in homegrown players.

He noted that Nigeria’s push to reignite oil and gas exploration and production has entered a new phase. According to him, Nigeria is at a defining moment in global energy one of transition, transformation, and opportunity.

Speaking on balancing transition with reality, the NUPRC boss observed that while the global shift toward renewables is gaining momentum, oil and gas will remain indispensable for decades to come, particularly in developing economies where energy access remains a critical challenge.

On upstream reforms powering growth, Komolafe outlined several ongoing initiatives aimed at repositioning Nigeria’s upstream sector for long-term progress. These, the CCE said, include advanced data systems that involve the use of cutting-edge technologies like stress field detection and an upgraded National Data Repository (NDR) to de-risk exploration.

Besides, he mentions continuous acreage licensing, which provides a transparent and predictable framework for global competitiveness and the Project ‘One Million Barrels’, a push to restore and grow daily production through rig reactivation and well optimisation as some of the ongoing programmes.

He added that deepwater expansion, through cluster development and shared infrastructure, is helping to cut costs and accelerate first oil, while frontier basin development leverages the Petroleum Industry Act (PIA) to explore untapped basins across Nigeria.

On the increase in investments, the CCE highlighted significant progress driven by these reforms. Rig activity, he said, has risen from just eight in 2021 to well over 40 today, reflecting renewed investor confidence in Nigeria’s upstream sector.

On environmental stewardship, Komolafe reaffirmed the NUPRC’s commitment to responsible operations through key initiatives such as gas flare commercialisation, the ‘Decade of Gas’, and the Presidential Compressed Natural Gas (CNG) Initiative, all designed to turn waste into wealth.

He also spotlighted the Commission’s Upstream Decarbonisation Framework, which integrates methane monitoring, carbon capture, and access to carbon finance.

In addition, the Host Community Development Trust (HCDT), powered by the HostComply platform, he said, ensures transparency, accountability, and shared prosperity for oil-bearing communities.

The CCE expressed confidence that the reforms underway would firmly position Nigeria as a global energy hub once again.

Meanwhile, delivering his keynote address at the conference, the Minister of Petroleum Resources (Oil) Heineken Lokpobiri, ordered NUPRC and the Nigerian National Petroleum Company Limited (NNPC) to immediately deploy the accruals from the 30 per cent Frontier Exploration Fund (FEF) towards financing new exploration projects in the industry.

In its presentation at the Federation Account Allocation Committee (FAAC) in October, NNPC had revealed that it recorded N400.667 billion as accruals from the frontier fund in the first nine months of 2025.

As prescribed by the Petroleum Industry Act (PIA), the fund is generated from 30 per cent of NNPC’s profit oil and gas under the Production Sharing Contract (PSC) arrangements.

The fund domiciled with the NUPRC is managed by NNPC to finance exploration in frontier basins such as the Chad, Bida, Sokoto, Dahomey, and Benue troughs. The N400.6 billion mobilised for that purpose so far is expected to support seismic and appraisal activities in those basins through the final quarter of the year

Lokpobiri explained that the PIA made provision for 30 per cent Frontier Exploration Fund for the funding of oil search in other petroleum basins not explored including the Chad, Dahomey, Anambra and others.

He declared that since his assumption as minister two years ago, they have not placed much premium on using that fund to finance exploration in the basins that are not yet explored, adding that those in charge of the fund must be held accountable to use it to fund exploration activities.

“I know that we have under the PIA, the Frontier Exploration Fund domiciled with NUPRC. That fund itself has to be used now for the purpose of the PIA. Since I became minister, we haven’t placed much premium on using the Frontier Exploration Fund to finance exploration in this basin that is largely unexplored.

“And so, we need to hold people accountable. Those who are responsible for this Frontier Exploration Fund will have to be held accountable to use these resources to finance members of NAPE to do the exploration that the money is meant for”, Lokpobiri said.

He expressed concern that both the International Oil Companies (IOCs) and the indigenous independent companies were sitting on licenses or acreages without doing exploration to increase Nigeria’s oil and gas reserves.

He said the current government has now decided to implement the ‘Drill or Drop’ provision of the PIA to flush out asset holders that are not optimising them and hand them over to those with proven technical and financial capacity to invest in exploration and production.

“And for me, sometimes we should throw sentiments apart, let us do what is best for this country. For those who haven’t shown capacity, why are they with their licenses? Even if you renew it for another 10 years, they won’t do anything.

“But what you couldn’t get in the last 10 years, you may not get in three years. I will end up increasing your woes. And so, I’ve decided that look, people may say whatever they want to say, but I’m also going to help you by not renewing your licenses. So that I will give those licenses to those who have the capacity to be able to invest in those fields for the benefit of the Nigerians”, he said.

The minister noted that President Bola Tinubu, who specifically prioritises energy security as one of the key points of his Renewed Hope agenda, was committed to providing the best environment for the explorations to take place in the unexplored basins.

He said that now is the best time for Nigeria to do the explorations to be able to secure the nation’s energy and avoid the energy crisis of the future.

Quoting projections from the International Energy Agency (IEA), Lokpobiri said the world needs to spend a minimum of $540 billion per annum to avoid an energy crisis by the year 2050.

Back home, he said some analysts have projected that Nigeria will be the third most populous country in the world by 2050, with its population hitting 450 million, noting that that big population will require energy to survive.

“And if we can’t provide the energy needed for Nigerians today, you can imagine the problem that will cause them. I know the economy can’t grow without energy security. And that is why I’m happy to be with you today.

“And also to let you know that as a government, we are committed to partner with NAPE to ensure that together, we do what is expected to increase the level of exploration that will give us the expected results of providing sufficient energy, not just for Nigeria, but for the rest of Africa.

“And I believe that we could do that by all of us committing to doing what is expected of us”, the minister said. (THISDAY)