• Nigeria approves 28 oil and gas projects worth $18.2B in 2025

• Projects could add 600,000 bpd and 2 bcf/day of gas

• Reforms under Petroleum Industry Act drive investment surge
  

Nigeria has approved a total of 28 new oil and gas projects since January 2025, specialized media reported on Thursday, Oct. 16, citing the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The approvals represent a cumulative investment of $18.2 billion, according to official data. These projects are expected to yield additional volumes estimated at 1.4 billion barrels of oil equivalent and 5.4 trillion cubic feet of gas.

The approved projects include the Bonga North oil development (Shell/NNPC Ltd), the Ubeta Gas project (TotalEnergies/NNPC Ltd), Owowo West (ExxonMobil), and Preowei (TotalEnergies), all of which received formal implementation plan approvals during the year.

The decisions are a result of the progressive implementation of reforms introduced by the Petroleum Industry Act (PIA), which was adopted in 2021. According to the regulator, the new fiscal and regulatory framework established by the law has accelerated authorization procedures and revived long-delayed projects.

Field activity has also intensified, with the number of drilling rigs increasing from approximately eight in 2021 to nearly 70 in 2025, with about 40 currently operational, data from the Commission showed.

The NUPRC stated the validations are part of a policy aimed at stimulating investment and restoring operator confidence amid fluctuating national production. Nigerian output averaged around 1.2 million barrels per day (bpd) in 2023 but rose to about 1.5 million bpd in 2025, according to monthly OPEC figures.

The authority credits the gradual recovery to regulatory stability and clarification of fiscal regimes. Ultimately, the NUPRC estimates that bringing the 28 approved projects into production could add up to 600,000 bpd of oil and more than 2 billion cubic feet of gas per day to the national capacity.

Abdel-Latif Boureima