Business
Nigeria Attracts $18.2 Billion in Upstream Oil & Gas Investments
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that Nigeria has secured $18.2 billion in investment commitments through 28 approved Field Development Plans (FDPs), as part of its ongoing energy sector reforms.
Speaking at the Africa Oil Week in Accra, Ghana, NUPRC Chief Executive Gbenga Komolafe highlighted the impact of the Petroleum Industry Act (PIA) and recent regulatory initiatives. These reforms have led to increased rig counts, improved licensing transparency, and major project approvals including the Bonga North and Ubeta Gas developments.
The Commission also reported successful bid rounds and acquisition deals, positioning Nigeria as a competitive and attractive destination for upstream oil and gas investment.
