The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that Nigeria approved 28 new Field Development Plans (FDPs) valued at $18.2 billion, unlocking an estimated 1.4 billion barrels of crude oil reserves in 2025 alone. 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. 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.

Source: Punch February 03, 2026 17:18 UTC