FG targets $50bn offshore oil investments - NUPRC

Nigeria's upstream oil and gas sector is poised to attract substantial investment, with projections of $30 billion to $50 billion in fresh offshore capital over the next five years. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) anticipates this influx will fuel 22 major offshore projects, significantly boosting crude oil production, creating thousands of jobs, and enhancing critical infrastructure.

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The Nigerian Upstream Petroleum Regulatory Commission says 22 major offshore projects are expected between 2026 and 2030 with an estimated investment potential of between $30bn and $50bn.

This anticipated investment, expected between 2026 and 2030, signals a growing investor confidence in Nigeria's energy landscape. The NUPRC attributes this renewed interest to reforms implemented under the Petroleum Industry Act (PIA) and the commission's efforts to streamline licensing and project approvals, making them more transparent. Since 2024, the NUPRC has already approved Field Development Plans worth over $57 billion, with several progressing to Final Investment Decisions.

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Since 2024, the NUPRC has approved over US$57bn in Field Development Plans, some of which have translated to Final Investment Decisions.

NUPRC Chief Executive Oritsemeyiwa Eyesan, represented by Executive Commissioner Enorense Amadasu, stated that these investments will not only increase production but also reinforce Nigeria's position as a leading global upstream investment destination. Despite global energy transition concerns, Nigeria remains an attractive hub for upstream oil and gas investments. The country is committed to developing its hydrocarbon reserves while simultaneously building a resilient energy future through sustained exploration activities, ensuring long-term growth and energy security.

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Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30bn to $50bn.