The Federal Government says Nigeria’s upstream oil and gas industry could attract between $30 billion and $50 billion in offshore investments over the next five years as it advances plans to develop 22 major offshore projects.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the projects, scheduled between 2026 and 2030, are expected to boost crude oil production, generate employment, expand energy infrastructure and strengthen the country’s energy security.
The projection was announced by the Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, in a keynote address delivered on her behalf by the Executive Commissioner for Development and Production, Enorense Amadasu, during the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026.
The commission said investor confidence has improved following reforms introduced under the Petroleum Industry Act (PIA), noting that greater transparency in licensing and project approvals has encouraged new investments in Nigeria’s offshore sector.
NUPRC disclosed that it has approved more than $57 billion worth of Field Development Plans since 2024, with some of the projects already progressing to Final Investment Decisions (FIDs).
Beyond raising oil output, the commission said the planned investments are expected to create jobs, improve critical infrastructure and reinforce Nigeria’s position as a leading destination for upstream oil and gas investment.
The regulator also maintained that Nigeria is pursuing long-term energy security by sustaining exploration activities alongside the development of its existing hydrocarbon reserves.
Highlighting recent licensing efforts, the commission said 31 companies secured 37 oil and gas blocks during the 2025 Licensing Round after emerging successful from a competitive bidding process. Preparations for the 2026 Licensing Round are already underway, with expectations of even stronger investor participation.
The NUPRC acknowledged that inadequate infrastructure remains a challenge to developing Africa’s oil and gas resources but said Nigeria is addressing the gap through investments in gas gathering facilities, processing plants, pipelines and export infrastructure. It added that initiatives such as shared infrastructure, open access and field tiebacks are intended to reduce costs, speed up project delivery and bring stranded resources into production.
The commission also credited improved collaboration among regulators, security agencies, operators, host communities and private investors for enhancing the protection of critical energy infrastructure. It noted that the Host Community Development Trusts established under the PIA have contributed to improving stability in the upstream sector.
Nigeria has stepped up efforts to revive upstream investment after years of declining capital inflows linked to regulatory uncertainty, insecurity, crude oil theft and delayed investment decisions.
Last month, the NUPRC announced that the oil and gas blocks awarded during the 2025 Licensing Round could unlock nearly 500 million barrels of oil and about 2 trillion cubic feet of gas. The commission also reaffirmed its target of increasing Nigeria’s crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, with the planned offshore projects expected to support those goals.
