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Nigeria approved 28 new Field Development Plans (FDPs) valued at $18.2 billion, with an estimated reserve potential of 1.4 billion barrels in 2025 alone, the Federal Government has said.
It said between 2024 and 2025, four of the seven major Final Investment Decisions (FIDs) announced across Africa were in Nigeria, a development attributed to policy clarity, consistent governance, and deliberate leadership.
Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed this on Tuesday, February 3, at the official opening of the 2026 Nigeria International Energy Summit (NIES) by President Bola Tinubu at the Presidential Banquet Hall, Aso Villa, Abuja.
Tinubu was represented by the Vice-President, Sen. Kashim Shettima.
Speaking at the event, Lokpobiri said the transformation of the sector under Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.
Lokpobiri said it repositioned the petroleum sector as a globally competitive and investment-ready destination following far-reaching reforms that have revived production, restored investor confidence, and unlocked billions of dollars in new investments.
“Our investment climate in Nigeria allows for free movement of capital. In line with Global best practice companies can invest and divest at will.
“We recently enabled International Oil Companies (IOCs) to transfer onshore and shallow water assets to capable Nigerian companies. From Shell to Renaissance, ExxonMobil to Seplat, Eni to Oando.
“These are not just transfers of assets, they are transfers of confidence, capability, and ownership which has resulted in additional 200,000 barrels of oil per day (bpd).
“These divestments were stalled for several years, but with the leadership of President Bola Tinubu, we were able to advance them and concluded them in record time leading to the gains made by their new operators for the benefits of all,” he said.
On the downstream segment, he said the removal of fuel subsidies had stabilised the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.
He disclosed that licensing processes in the sector had been liberalised to ensure transparency and fairness, while Nigeria’s newly launched West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.
On continental outlook, Lokpobiri said Africa spent over 120 billion dollars annually on hydrocarbon imports, describing the figure as a significant drain on the continent’s economy.
He called for greater support for the African Energy Bank (AEB), headquartered in Nigeria, to mobilise capital for Africa-focused energy development.
He said Africa’s energy strategy must prioritise availability, accessibility, and affordability, adding that global energy outlooks from the International Energy Agency (IEA) and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.
“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri said, urging global investors to partner with Nigeria not just as financiers, but as long-term collaborators in driving Africa’s energy-led growth.
“The full implementation of the Petroleum Industry Act (PIA) has provided a stable fiscal framework, improved licensing processes, strengthened regulation, protected host communities, and ensured predictable contractual terms,” he said.
He added that the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness by reducing production costs through targeted tax credits.
Lokpobiri highlighted the success of Project One Million Barrels, inaugurated in October 2024, which has increased national crude oil production to between 1.7 and 1.83 million bpd, representing an incremental rise of about 300,000 bpd within a year.
He also disclosed that the number of active drilling rigs had risen sharply from 14 in 2023 to over 60, signaling renewed industry activity.
The minister said international investor confidence had returned, citing major FIDs including Shell’s $5 billion Bonga North project, TotalEnergies’ $550 million Ubeta project, Shell’s $2 billion HI project, and Chevron’s $1.8 billion investment in the Panther project.
He further revealed that Shell had announced plans for a $20 billion FID, with additional projects expected in the near term.
By Emmanuella Anokam
