NUPRC approves 79 field development plans worth $40bn investment

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that it approved 79 Field Development Plans (FDPs) betwixt 2024 and 2025, with imaginable investments valued astatine $39.98 billion.

In a connection issued connected Sunday by its Head of Media and Strategic Communications, Eniola Akinkuotu, to people the Commission’s 4th anniversary, NUPRC said 41 FDPs were approved successful 2024, portion 38 person truthful acold been approved successful 2025. The approvals correspond estimated investments of $20.55 cardinal successful 2024 and $19.43 cardinal successful 2025 year-to-date.

The Commission further noted that it exceeded its gross targets by 18.3% successful 2022, 14.65% successful 2023, and 84.2% successful 2024, contempt fluctuations successful planetary crude lipid prices and home production. These achievements, it said, contributed importantly to nationalist economical growth.

According to NUPRC, Nigeria’s crude lipid output has steadily improved since its constitution successful 2022, with existent accumulation averaging 1.65 cardinal barrels per time (Mbopd). Under its Project 1Mbopd Initiative, accumulation is projected to emergence to 2.5Mbopd by 2027.

“As a testament to renewed vigour successful Nigeria’s upstream lipid and state sector, the rig number roseate from 8 successful 2021 to 69 arsenic of October 2, 2025. This comprises 40 progressive rigs, 8 connected standby, 5 connected lukewarm stack, 4 connected acold stack, and 12 connected the determination — a 762.5% summation successful little than 4 years. The fig is expected to summation further successful the coming months, reflecting renewed capitalist assurance successful Nigeria. This aligns with President Tinubu’s complaint that Nigeria is acceptable for concern and that the close concern clime prevails successful the upstream sector,” the connection read.

On caller licensing rounds, the Commission stated that, dissimilar successful the past erstwhile the process was opaque and politically influenced, the caller digitalized bid process was afloat transparent and credible. It described the workout arsenic the astir transparent successful Nigeria’s petroleum history, a process attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).

NUPRC besides reported that Host Community Development Trusts person remitted N122.34 cardinal successful naira and $168.91 cardinal successful dollar contributions arsenic of October 2025. “This translates to a combined remittance of implicit N358.67 billion, creating a conducive big assemblage environment,” it said.

The Commission added that it is presently overseeing astatine slightest 536 assemblage projects astatine assorted stages of completion — including schools, wellness centres, roads, and vocational centres — funded by the Trust. These projects, it stressed, person greatly helped successful curbing crude lipid theft crossed the Niger Delta.

The station NUPRC approves 79 tract improvement plans worthy $40bn investment appeared archetypal connected Vanguard News.