Nigeria attracts $18.2bn in oil investments with new field plans
Nigeria has secured significant oil and gas investments, with the signing of 28 new field development plans valued at $18.2bn. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), highlighted that these investments are the result of deliberate reforms and improved governance in the sector. The country has also seen a boost in crude oil production and an increase in the number of active rigs. Industry leaders, including Adegbite Falade, emphasized the importance of continued reforms and collaboration to sustain growth.
TLDR
- Heineken Lokpobiri announced that 28 new field development plans worth $18.2bn were signed, with an estimated production potential of 1.4 billion barrels of oil.
- Four of the seven major Final Investment Decisions in Africa between 2024 and 2025 were made in Nigeria.
- The launch of Project One Million Barrels in October 2024 increased production to between 1.7 and 1.83 million barrels per day, with a rise of roughly 300,000 barrels in July 2025 alone.
- The number of active rigs grew from 14 in 2023 to over 60, and asset divestments by international oil companies added about 200,000 barrels per day to national output.
- Adegbite Falade called for reduced bureaucracy, streamlined fees, and better access to long-term capital to further strengthen the sector.
