Nigeria Targets $50 Billion Investment for Offshore Oil Projects

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is targeting between $30 billion and $50 billion in investments from 22 major offshore projects scheduled to begin operations between 2026 and 2030. Chief Executive Oritsemeyiwa Eyesan announced these projections during the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos.

Since 2024, the commission has approved over $57 billion in Field Development Plans, with several already reaching Final Investment Decisions. These efforts are part of a broader strategy to increase Nigeria's crude oil production to three million barrels per day by 2030. To sustain this growth, the NUPRC is utilizing licensing rounds to open prospective acreages. This follows a 2025 round where 31 companies won 37 oil and gas blocks, and the commission is currently preparing for a subsequent 2026 Licensing Round.

Beyond production increases, the NUPRC aims to create jobs and strengthen national energy security. To maximize resource production, the agency is addressing infrastructure deficits by expanding gas gathering systems, pipelines, and processing facilities to unlock stranded resources.