Nigeria’s upstream oil and gas sector is expected to attract between $30 billion and $50 billion in offshore investments over the next five years, as the Federal Government targets the development of 22 major offshore projects.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the projects, scheduled for implementation between 2026 and 2030, are expected to boost crude oil production, create thousands of jobs, expand energy infrastructure and enhance the country’s energy security.
According to The Punch, the Commission Chief Executive, Oritsemeyiwa Eyesan, made the disclosure 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 on Wednesday.
The details were contained in a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu.
“The Nigerian Upstream Petroleum Regulatory Commission says 22 major offshore projects are expected between 2026 and 2030, with an estimated investment potential of between $30bn and $50bn,” the statement read.
According to the commission, the planned investments reflect growing investor confidence in Nigeria’s oil and gas industry following reforms introduced under the Petroleum Industry Act, as well as measures aimed at improving transparency in licensing and project approvals.
Eyesan disclosed that the regulator had approved more than $57 billion worth of Field Development Plans since 2024, with several of the projects already progressing to Final Investment Decisions.
She said, “Since 2024, the NUPRC has approved over US$57bn in Field Development Plans, some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30bn to $50bn.
“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.”
The commission maintained that the pipeline of projects underscores Nigeria’s continued appeal as one of Africa’s leading destinations for upstream oil and gas investments despite the global shift towards cleaner energy.
Eyesan also noted that while efforts were ongoing to develop the country’s proven hydrocarbon reserves, exploration activities remained critical to sustaining future growth and energy security.
She said, “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 energy security.”
She attributed the renewed confidence among investors to reforms introduced in Nigeria’s licensing framework since 2022, saying recent licensing rounds had opened access to highly prospective oil and gas assets through transparent and technology-driven processes.
Recalling the outcome of the 2025 Licensing Round, Eyesan said 31 companies emerged as successful bidders for 37 oil and gas blocks after a rigorous evaluation process. She added that preparations for the 2026 Licensing Round were already underway.
She said, “With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework.”
The NUPRC acknowledged that inadequate infrastructure remains a major challenge to unlocking Africa’s oil and gas potential but said Nigeria was addressing the gap through sustained investments in gas gathering systems, processing facilities, pipelines and export infrastructure.
She stated, “We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production.”
Eyesan further said improved collaboration among regulators, security agencies, oil companies, host communities and private sector stakeholders had strengthened the protection of critical energy infrastructure.
She added that initiatives such as the Host Community Development Trusts established under the Petroleum Industry Act had also contributed to improving the resilience of Nigeria’s upstream petroleum sector.
The Federal Government has intensified reforms to revive upstream investments after years of declining capital inflows linked to regulatory uncertainty, insecurity, crude oil theft and delayed investment decisions.
Last month, during the 2025 Licensing Round Commercial Bid Conference in Abuja, the commission announced that 31 companies secured 37 oil and gas blocks from the 50 assets offered after 143 firms submitted about 200 bids.
The NUPRC said the awarded assets have the potential to unlock nearly 500 million barrels of oil and about 2 trillion cubic feet of gas, while supporting its production targets of two million barrels per day by 2027 and three million barrels per day by 2030.
The regulator said the planned 22 offshore projects are expected to play a key role in achieving those production goals.
