Nigeria’s upstream petroleum regulator expects to attract between $30 billion and $50 billion in fresh offshore oil and gas investments over the next five years as Africa’s top crude producer moves to unlock new production capacity.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that at least 22 major offshore projects are projected to commence operations between 2026 and 2030. The planned expansion forms part of a national drive to raise crude oil output toward 3 million barrels per day by 2030.
Addressing industry delegates at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos, NUPRC Chief Executive Oritsemeyiwa Eyesan confirmed that ongoing regulatory reforms, transparent licensing rounds, and infrastructure upgrades are accelerating final investment decisions across deep-water and shallow-water assets.
The regulatory chief highlighted that recent legislative and policy overhauls under the Petroleum Industry Act (PIA) have reversed years of stagnant deal-making, restoring investor appetite in Nigeria’s offshore core.
Since 2024, the commission has cleared tens of billions of dollars in field development applications, laying the groundwork for upcoming deep-water developments.
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, some of which have translated to Final Investment Decisions,” Eyesan said in a keynote address delivered on her behalf by Executive Commissioner for Development and Production, Enorense Amadasu.
“Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30 billion to $50 billion,” she added.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination.”
Expanded Licensing Rounds
The $50 billion offshore projection builds upon consecutive licensing exercises designed to expand Nigeria’s commercial acreage.
Following successful licensing rounds since 2022, the NUPRC awarded 37 prospective blocks to 31 companies in the 2025 licensing round—which spanned onshore, shallow-water, frontier, and deepwater basins—bringing in roughly $10 billion in committed capital. The regulator confirmed that preparations for the 2026 licensing round are currently being finalized.
Eyesan emphasized that while Nigeria continues to focus on bringing proven reserves into active production, the country is actively expanding its exploration footprint to ensure long-term energy security.
“Besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and supply stability,” Eyesan stated.
The multi-billion-dollar investment push comes at a critical juncture for Nigeria’s energy sector. Historically plagued by crude theft, pipeline vandalism, and operational disruptions in onshore Niger Delta areas, major international oil companies (IOCs) have increasingly shifted capital toward offshore deepwater developments, where operations face significantly lower security risks.
Federal authorities maintain that enhanced offshore security measures, combined with fiscal incentives introduced under executive orders in 2024, are stabilizing the operating environment.
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