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The Federal Government has approved 28 new Field Development Plans (FDPs) valued at about $18.2 billion, with an estimated reserve potential of 1.4 billion barrels, in 2025.
The government also disclosed that between 2024 and 2025, four of the seven major Final Investment Decisions (FIDs) announced across Africa were in Nigeria, attributing the development to policy clarity and improved governance.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known on Tuesday at the opening of the 2026 Nigeria International Energy Summit (NIES) in Abuja.
President Bola Tinubu, who declared the summit open, was represented by Vice-President Kashim Shettima.
Lokpobiri said reforms under the Tinubu administration had reversed years of declining production and capital flight, repositioning Nigeria’s petroleum sector as an attractive investment destination.
He noted that recent divestments by international oil companies to indigenous firms had boosted production by an additional 200,000 barrels per day, while stalled transactions were concluded in record time.
On the downstream sector, the minister said fuel subsidy removal had stabilised the market and improved product availability, while indigenous investors such as Dangote and BUA were expanding refining and midstream infrastructure.
He disclosed that Nigeria’s West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.
Lokpobiri added that Africa spends over $120 billion annually on hydrocarbon imports and called for stronger support for the African Energy Bank to mobilise capital for the continent’s energy needs.
He said Nigeria’s crude oil production had risen to between 1.7 and 1.83 million barrels per day under Project One Million Barrels, while active drilling rigs increased from 14 in 2023 to over 60.
The minister cited major investment commitments, including Shell’s $5 billion Bonga North project and Chevron’s $1.8 billion Panther project, noting that investor confidence had returned to the sector.
