NUPRC Reforms Deliver $18 Billion in Oil & Gas Final Investment Decisions for 2025

Reforms in the oil and gas sector under President Tinubu’s administration have unlocked $18 billion in Final Investment Decisions (FIDs), according to NUPRC. Highlights include the $5 billion Bonga North deepwater project by Shell and ExxonMobil, alongside $3 billion in marginal field developments awarded to indigenous firms like Aradel Holdings. Komolafe attributed the surge to streamlined bidding processes, reduced signature bonuses, and enhanced security in the Niger Delta, which cut oil theft to under 10,000 bpd—the lowest in 16 years. This has propelled Nigeria’s production to 1.71 million bpd, exceeding OPEC quotas for the third straight month. The Centre for the Promotion of Private Enterprise (CPPE) projects these FIDs could create 50,000 jobs and add 500,000 bpd by year-end