FG Approves 28 Oil Field Development Plans Valued at $18.2b in 2025

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced that 28 Field Development Plans (FDPs) received government approval in 2025, representing $18.2 billion in investments and opening up an estimated 1.4 billion barrels in crude reserves.

Lokpobiri disclosed this on Tuesday at the official opening of the 2026 Nigeria International Energy Summit (NIES) by President Bola Tinubu, who was represented by the Vice-President, Sen. Kashim Shettima, at the Presidential Banquet Hall, Aso Villa, Abuja.

Speaking at the event, Lokpobiri said the transformation of the sector under President Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.

He said, ‘Between 2024 and 2025, four of the seven major Final Investment Decisions announced across Africa were in Nigeria, a development attributed to policy clarity, consistent governance, and deliberate leadership’.

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 have resulted in an 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 conclude them in record time, leading to the gains made by their new operators for the benefit 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, 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 and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.

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, signalling renewed industry activity.

The minister said international investor confidence had returned, citing major FIDs including Shell’s five billion dollars Bonga North project,

TotalEnergies’ 550 million dollars Ubeta project, Shell’s two billion dollars HI project, and Chevron’s 1.8 billion dollars investment in the Panther project.

He further revealed that Shell had announced plans for a 20 billion dollars FID, with additional projects expected in the near term.