By Trendsetter Tribune 
Nigeria approved 28 new Field Development Plans valued at $18.2 billion for 2025, boosting reserves by 1.4 billion barrels. Officials say reforms under President Tinubu have revived investor confidence.
Nigeria has approved 28 new Field Development Plans (FDPs) valued at $18.2 billion, unlocking an estimated 1.4 billion barrels in reserves in 2025 alone, according to the Federal Government. The announcement reflects a major resurgence in investment momentum across the country’s petroleum sector.
Between 2024 and 2025, four of Africa’s seven major Final Investment Decisions (FIDs) came from Nigeria. Officials credited the development to policy clarity, consistent governance, and a deliberate push to reform the oil and gas industry.
The update came from Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during the opening ceremony of the 2026 Nigeria International Energy Summit (NIES) at the Presidential Banquet Hall in Abuja. President Bola Tinubu was represented at the event by Vice President Kashim Shettima.
Lokpobiri said the administration’s reforms mark a decisive break from years of declining production, stalled investments, and capital flight. According to him, new policies have repositioned Nigeria as an investment-ready destination by restoring investor confidence and unlocking billions in new commitments.
He emphasized that Nigeria now offers a market where companies can freely invest or divest in line with global best practices. Recent asset transfers from international oil companies to capable Nigerian operators—including deals involving Shell, ExxonMobil, Eni, Seplat, Renaissance, and Oando—have already added about 200,000 barrels per day to national output.
The minister noted that many of these divestments were stuck for years until Tinubu’s administration accelerated their conclusion, leading to significant production gains.
In the downstream sector, Lokpobiri highlighted that the removal of fuel subsidies has stabilized supply and improved availability. He praised indigenous refiners, especially Dangote and BUA, for expanding Nigeria’s refining and midstream capacity.
He added that licensing processes have been liberalized to ensure transparency, while Nigeria’s newly launched West African Reference Market aims to position the country as the refining hub of the Gulf of Guinea and wider African region.
Looking at the continental landscape, Lokpobiri revealed that Africa spends more than $120 billion annually on hydrocarbon imports—calling it a major economic drain. He urged stronger support for the African Energy Bank, headquartered in Nigeria, to mobilize financing for energy development across the continent.
He argued that Africa’s energy strategy must prioritize availability, accessibility, and affordability. Citing projections from the International Energy Agency (IEA) and OPEC, he noted that fossil fuels will remain dominant for decades, even as renewable investments grow.
Lokpobiri said the implementation of the Petroleum Industry Act (PIA) has created a more predictable fiscal and regulatory environment. The new Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further reduced production costs through targeted tax credits.
He also pointed to the success of Project One Million Barrels, launched in October 2024, which has pushed Nigeria’s production to between 1.7 and 1.83 million barrels per day—an increase of roughly 300,000 barrels within one year.
Active drilling rigs have surged from 14 in 2023 to more than 60, signaling strengthened industry activity.
According to Lokpobiri, major new investments reflect returning global confidence, including Shell’s $5 billion Bonga North project, TotalEnergies’ $550 million Ubeta development, Shell’s $2 billion HI project, and Chevron’s $1.8 billion Panther investment. Shell has also announced plans for a potential $20 billion FID, with several additional projects expected soon.