PIA: NUPRC approves 79 field development plans worth $39.89bn in 2 years
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Sunday disclosed that it has approved 79 Field Development Plans (FDP) (41 in 2024 and 38 Year-till-Date (YTD) in 2025 with a potential investment worth $39.98billion.
This comprises of $20.55billion in 2024 and $19.43billion in YTD 2025.
The Commission, in a statement signed by its Head of Media and Strategic Communication, Eniola Akinkuotu noted that Nigeria’s upstream petroleum regulator has reported sweeping gains in the oil and gas sector, announcing a 762 per cent rise in rig count alongside billions of dollars in new investments and major reforms four years after its establishment.
It stated that its achievements since the passage of the Petroleum Industry Act (PIA) had restored investor confidence, curbed crude theft, and positioned Nigeria for long-term energy growth.
The commission disclosed that active rig count jumped from eight in 2021 to 69 as of October 2025, describing the surge as a testament to renewed investor interest in Nigeria’s oil and gas industry. Of this, 40 rigs are currently active, while the rest are on standby or in transit.
“The Nigerian Upstream Petroleum Regulatory Commission has published a list of 16 high-impact achievements four years since its establishment and has called on Nigerians to take note of the myriad high-impact achievements of the Commission in the last four years despite the legacy challenges it inherited from the pre-Petroleum Industry Act era.
“As a testament to the renewed vigour in Nigeria’s upstream oil and gas sector, the rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025. The latest rig count of 69, which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.
“The number is expected to increase even further in the coming months. This shows a renewed investor confidence in Nigeria. The success aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream, as daily actioned by the NUPRC.
“This is clear evidence that Nigeria is once again open for business, and the upstream environment is attracting serious exploration and development activity,” the statement read in part.”
On revenue, the regulator said it consistently outperformed government targets, exceeding its collection benchmarks in 2022, 2023, and 2024 by 18.3 per cent, 14.65 per cent, and 84.2 per cent, respectively. It added that between 2024 and 2025, 79 Field Development Plans valued at $39.98bn were approved, unlocking fresh capital inflows and exploration projects.
The NUPRC also highlighted gains in crude oil production, with output now averaging 1.65 million barrels per day, and a “Project 1mbopd” initiative designed to lift production to 2.5 million barrels daily by 2027.
Akinkuotu said, “The Commission consequently outlined some of its high-impact achievements as follows: In 2022, 2023 and 2024, the Commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent, respectively, despite fluctuations in oil production and prices, thus contributing largely to our nation’s economic growth.
“Since the inception of the Commission, crude oil production has increased with current average daily production of 1.65Mbopd expected to increase further with the Project 1 Mbopd initiative, which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.”
Beyond production and revenues, the regulator credited its digitalised licensing rounds for restoring credibility to oil block bid processes, saying transparency levels were unprecedented and certified by the Nigeria Extractive Industries Transparency Initiative.
