Nigeria’s upstream oil and gas sector is expected to attract between $30 billion and $50 billion in fresh offshore investments over the next five years as the country prepares to execute 22 major offshore projects between 2026 and 2030.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the planned investments would increase crude oil production, create thousands of jobs, expand critical infrastructure and strengthen the country’s energy security.
The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed this 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.
According to the statement, the 22 offshore projects represent an investment opportunity valued at between $30 billion and $50 billion over the five-year period.
The commission said the growing pipeline of offshore projects reflects improving investor confidence following reforms introduced under the Petroleum Industry Act (PIA) and the regulator’s efforts to improve transparency in licensing and project approvals.
Eyesan revealed that the commission has approved more than $57 billion worth of Field Development Plans since 2024, with several of the approved projects already progressing to Final Investment Decisions (FID).
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 strong pipeline of offshore developments demonstrates that Nigeria remains one of Africa’s most attractive destinations for upstream oil and gas investment despite global concerns surrounding the energy transition.
Eyesan said Nigeria is not only developing its existing hydrocarbon reserves but also maintaining a strong exploration programme to secure future production and long-term 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.”
The NUPRC boss attributed the renewed investor confidence to reforms implemented in Nigeria’s licensing process since 2022.
According to her, successive licensing rounds have opened access to some of Nigeria’s most prospective oil and gas assets through transparent and technology-driven processes.
She recalled that during the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after completing a rigorous evaluation process.
Eyesan disclosed that preparations for the 2026 Licensing Round are already underway and expressed confidence that the next exercise would attract even stronger investor participation.
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 commission acknowledged that inadequate infrastructure remains one of the major barriers to unlocking Africa’s oil and gas potential.
However, Eyesan said Nigeria has intensified investments in gas gathering systems, processing facilities, pipelines and export infrastructure to close the infrastructure gap.
She added that the commission is promoting shared facilities, open access, third-party access and field tiebacks to reduce development costs, accelerate project execution and maximise the use of existing infrastructure while bringing stranded oil and gas resources into production.
Eyesan also said stronger collaboration among regulators, security agencies, oil companies, host communities and private sector stakeholders has improved the protection of critical energy infrastructure.
According to her, initiatives such as the Host Community Development Trusts established under the Petroleum Industry Act have also contributed to strengthening the resilience of Nigeria’s upstream sector.
Nigeria has intensified efforts to revive upstream investment after years of declining capital inflows caused by regulatory uncertainty, insecurity, crude oil theft and delayed investment decisions.
Since the implementation of the Petroleum Industry Act, the NUPRC has introduced several reforms aimed at improving licensing transparency, accelerating project approvals and restoring investor confidence.
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 companies submitted about 200 bids.
The regulator said the awarded assets have the potential to unlock nearly 500 million barrels of oil and about 2 trillion cubic feet of gas.
It also reaffirmed its target of increasing Nigeria’s crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, with the planned 22 offshore projects expected to play a key role in achieving those production goals.
