The Federal Government says Nigeria’s upstream oil and gas sector could attract between $30 billion and $50 billion in new offshore investments over the next five years through the development of 22 major offshore projects.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the projects, expected to run between 2026 and 2030, are aimed at unlocking additional production capacity, creating thousands of jobs, expanding infrastructure and strengthening the country’s energy security.
The disclosure was made by NUPRC Chief Executive 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 on Wednesday.
In a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu, the NUPRC said the growing pipeline of offshore projects reflects increasing investor confidence in Nigeria following reforms introduced under the Petroleum Industry Act (PIA) and measures to improve transparency in licensing and project approvals.
According to the commission, more than $57 billion worth of Field Development Plans have been approved since 2024, with several of the projects already progressing to Final Investment Decisions.
Eyesan said the expected offshore investments would go beyond boosting crude oil production by also supporting employment, infrastructure development, energy security and Nigeria’s position as a leading global upstream investment destination.
She noted that despite global concerns about the energy transition, Nigeria remains one of Africa’s most attractive destinations for upstream oil and gas investment.
The NUPRC boss added that while the country is developing its proven hydrocarbon reserves, it is also pursuing sustained exploration activities to secure long-term growth and energy security.
She attributed the renewed investor confidence to reforms in the licensing process introduced since 2022, saying recent licensing rounds have opened access to some of Nigeria’s most prospective oil and gas acreage through transparent and technology-driven procedures.
Eyesan recalled that during the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after a rigorous evaluation process, while preparations for the 2026 Licensing Round are already underway.
She said the commission is working to make investment certainty a lasting feature of Nigeria’s regulatory framework.
The NUPRC also acknowledged that inadequate infrastructure remains a major challenge to unlocking Africa’s oil and gas potential, but said Nigeria is expanding gas gathering systems, processing facilities, pipelines and export infrastructure.
According to Eyesan, the commission is promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, accelerate project delivery and bring stranded oil and gas resources into production.
She added that stronger collaboration among regulators, security agencies, oil companies, host communities and private sector stakeholders has improved the protection of critical energy infrastructure.
The commission noted that initiatives such as the Host Community Development Trusts established under the PIA have also contributed to making the upstream sector more resilient.
Nigeria has been seeking to revive upstream investment after years of declining capital inflows linked to regulatory uncertainty, insecurity, crude oil theft and delayed investment decisions.
Last month, at the 2025 Licensing Round Commercial Bid Conference in Abuja, the NUPRC announced that 31 companies won 37 oil and gas blocks out of 50 assets offered, following the submission of about 200 bids by 143 companies.
The regulator said the awarded assets could unlock nearly 500 million barrels of oil and about 2 trillion cubic feet of gas, while reaffirming its target of increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
According to the commission, the 22 major offshore projects planned for 2026–2030 are expected to play a key role in achieving those production targets.
