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FG approves 28 oil field development plans valued at $18.2bn in 2025
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Projects expected to unlock 1.4 billion barrels of crude oil reserves
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Oil reforms boost investor confidence, raise output to over 1.7m bpd
The Federal Government has approved 28 new oil Field Development Plans (FDPs) with a total investment value of $18.2 billion, a move expected to unlock approximately 1.4 billion barrels of crude oil reserves within 2025.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this on Tuesday at the opening ceremony of the 2026 Nigeria International Energy Summit (NIES) held at the Presidential Banquet Hall, Aso Villa, Abuja.
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According to the minister, the approvals signal a major shift in Nigeria’s oil and gas sector, reversing years of declining output, delayed investments and capital outflows.
Lokpobiri revealed that Nigeria secured four out of seven major Final Investment Decisions (FIDs) announced across Africa between 2024 and 2025, attributing the development to clearer policies, regulatory stability and sustained government commitment.
He explained that reforms introduced under the current administration have repositioned Nigeria as an attractive and competitive destination for global energy investments, with renewed confidence from international and local operators.
The minister noted that recent policies now allow investors to move capital freely in line with international standards, while enabling international oil companies to divest onshore and shallow-water assets to capable indigenous firms.
According to him, asset transfers involving companies such as Shell, ExxonMobil and Eni to Nigerian operators including Seplat, Oando and Renaissance Energy have added about 200,000 barrels per day to national crude oil production.
“These transactions represent not just asset transfers but increased local capacity, ownership and production growth,” he said.
On the downstream sector, Lokpobiri stated that the removal of fuel subsidies has helped stabilise the petroleum market and improve product availability nationwide.
He also commended indigenous investors such as Dangote Group and BUA Group for expanding refining capacity and midstream infrastructure.
He further disclosed that licensing procedures in the oil and gas sector have been liberalised to promote transparency and fairness, while Nigeria’s newly introduced West African Reference Market is expected to position the country as a regional refining hub.
Addressing Africa’s energy challenges, Lokpobiri noted that the continent spends over $120 billion annually on hydrocarbon imports, describing the figure as a major economic drain.
He called for stronger backing for the African Energy Bank, headquartered in Nigeria, to mobilise capital for Africa-focused energy projects.
The minister stressed that Africa’s energy strategy must focus on availability, affordability and accessibility, adding that global projections from the International Energy Agency (IEA) and OPEC indicate that fossil fuels will remain central to global energy supply for the foreseeable future.
He also highlighted the impact of the Petroleum Industry Act, saying its implementation has strengthened regulation, improved fiscal stability and enhanced host community protection.
Lokpobiri revealed that the Project One Million Barrels initiative, launched in October 2024, has increased Nigeria’s crude oil production to between 1.7 million and 1.83 million barrels per day, representing an incremental gain of about 300,000 barrels per day within a year.
He added that the number of active drilling rigs has risen sharply from 14 in 2023 to over 60, reflecting renewed activity across the industry.
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The minister added that investor confidence has returned, citing major projects including Shell’s Bonga North, TotalEnergies’ Ubeta, Chevron’s Panther, and other multi-billion-dollar investments expected to reach final approval in the near future.