Nigeria’s upstream oil and gas industry is expected to attract between $30 billion and $50 billion in new offshore investments over the next five years as the country advances plans to develop 22 major offshore projects, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
The commission said the projects, scheduled for implementation between 2026 and 2030, are expected to boost crude oil production, generate employment, expand energy infrastructure and strengthen the country’s long-term energy security.
The projection was disclosed 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, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026. The details were later outlined in a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu.
According to the regulator, the expected inflow of investment reflects growing confidence among international investors following reforms introduced under the Petroleum Industry Act and measures aimed at improving transparency in licensing and project approvals.
Eyesan revealed that the commission had approved more than $57 billion worth of Field Development Plans since 2024, with a number of the projects already progressing to Final Investment Decisions.
She said the anticipated offshore investments would not only increase production but also create thousands of jobs, expand critical infrastructure and reinforce Nigeria’s position as a leading destination for upstream oil and gas investment.
The NUPRC maintained that Nigeria remains one of Africa’s most attractive investment destinations despite global concerns surrounding the energy transition, noting that ongoing exploration activities are intended to secure the country’s long-term energy future alongside the development of existing hydrocarbon reserves.
The commission attributed renewed investor interest to reforms introduced during successive licensing rounds, which it said have improved transparency and widened access to some of Nigeria’s most prospective oil and gas assets.
Eyesan recalled that the 2025 Licensing Round produced 31 successful companies that secured 37 oil and gas blocks after a competitive evaluation process. She added that preparations for the 2026 Licensing Round were already under way, expressing confidence that the next exercise would attract even greater investor participation.
The regulator also acknowledged that inadequate infrastructure continues to hinder the full development of Africa’s oil and gas resources. To address the challenge, it said Nigeria is investing in gas gathering systems, processing plants, pipelines and export facilities, while encouraging shared infrastructure, open-access arrangements, third-party access and field tieback projects to reduce costs and accelerate production.
Eyesan further said stronger collaboration between regulators, security agencies, oil companies, host communities and private investors had improved the protection of critical energy assets, adding that the Host Community Development Trusts established under the Petroleum Industry Act have contributed to greater stability within 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.
As part of those efforts, the NUPRC has introduced reforms designed to improve licensing transparency, shorten approval timelines and restore investor confidence.
At the 2025 Licensing Round Commercial Bid Conference held in Abuja last month, the commission announced that 31 companies secured 37 oil and gas blocks from the 50 assets offered after 143 companies submitted nearly 200 bids.
The regulator said the awarded assets are estimated to contain almost 500 million barrels of crude oil and about two trillion cubic feet of natural gas. It also reaffirmed its production targets of increasing Nigeria’s crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030, with the planned offshore projects expected to play a central role in achieving those goals.
