Nigeria targets $30bn to $50bn in offshore oil investments by 2030
Nigeria's upstream oil and gas sector is projected to attract between $30bn and $50bn in new offshore investments over the next five years, according to the Nigerian Upstream Petroleum Regulatory Commission NUPRC. These investments, anticipated between 2026 and 2030, are expected to increase crude oil production, create jobs, expand infrastructure, and strengthen Nigeria鈥檚 energy security. The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, stated that 22 major offshore projects are planned for this period. The NUPRC attributes the growing pipeline of offshore projects to improved investor confidence following reforms introduced under the Petroleum Industry Act and the commission's efforts to enhance transparency in licensing and project approvals. Since 2024, the NUPRC has approved over $57bn worth of Field Development Plans, with some progressing to Final Investment Decisions. Nigeria aims to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. The NUPRC also highlighted efforts to bridge infrastructure gaps through investments in gas gathering systems, processing facilities, pipelines, and export infrastructure, while promoting shared facilities and open access to reduce costs and accelerate project delivery. Improved collaboration among regulators, security agencies, oil companies, host communities, and private sector stakeholders has also enhanced the protection of critical energy infrastructure.
