Commission says 22 offshore projects scheduled between 2026 and 2030 could strengthen production, create jobs and reinforce Nigeria’s energy security

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that Nigeria’s upstream oil and gas industry will attract between $30 billion and $50 billion in fresh offshore investments over the next five years, as 22 major offshore projects move towards development between 2026 and 2030.

Also read: NUPRC projects strong rise to 1.9m barrels daily

The projected NUPRC Offshore Investment pipeline is expected to expand crude oil production, create thousands of jobs, strengthen energy infrastructure and reinforce Nigeria’s position as one of Africa’s leading upstream investment destinations.

The Commission Chief Executive, Engr Oritsemeyiwa Eyesan, disclosed the projection 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.

Details of the address were contained in a statement issued on Wednesday 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 said.

According to the commission, the growing portfolio of offshore developments reflects improving investor confidence following reforms introduced under the Petroleum Industry Act (PIA) and regulatory measures designed to make licensing and project approvals more transparent and predictable.

Eyesan disclosed that the commission has approved more than $57 billion worth of Field Development Plans since 2024, with several projects already progressing to Final Investment Decisions (FIDs).

“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,” she said.

“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 said the projected investments demonstrate that Nigeria continues to rank among Africa’s most attractive destinations for upstream oil and gas investment despite the global shift towards cleaner energy sources.

Eyesan noted that while the country is developing its existing hydrocarbon reserves, it is also investing in exploration to sustain long-term growth.

“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 said.

She attributed the renewed investor confidence to reforms introduced through successive licensing rounds since 2022, which have opened access to some of Nigeria’s most prospective oil and gas assets through transparent, technology-driven processes.

Reflecting on the 2025 Licensing Round, Eyesan recalled that 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, expressing confidence that the next exercise would attract even stronger investor participation.

“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,” she said.

The commission acknowledged that inadequate infrastructure remains one of the biggest constraints to unlocking Africa’s vast oil and gas resources.

However, Eyesan said Nigeria has intensified investment in gas gathering systems, processing facilities, pipelines and export infrastructure while promoting shared infrastructure, open access, third-party access and field tiebacks to lower development costs and accelerate production.

“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,” she said.

She also credited stronger collaboration among regulators, security agencies, oil companies, host communities and private sector stakeholders for improving the protection of critical energy infrastructure.

According to Eyesan, initiatives such as the Host Community Development Trusts, established under the Petroleum Industry Act, have contributed to making Nigeria’s upstream petroleum industry more resilient and attractive to investors.

Nigeria’s upstream sector has been working to reverse years of declining investment caused by regulatory uncertainty, crude oil theft, pipeline vandalism, insecurity and delayed project approvals.

Since the implementation of the Petroleum Industry Act, the NUPRC has introduced reforms aimed at improving licensing transparency, accelerating approvals and restoring investor confidence.

The commission’s latest projection builds on the outcome of the 2025 Licensing Round Commercial Bid Conference held in Abuja, where 31 companies secured 37 of the 50 oil and gas blocks offered after 143 companies submitted nearly 200 bids.

According to the regulator, the awarded assets hold the potential to unlock almost 500 million barrels of oil and approximately 2 trillion cubic feet of natural gas.

Also read: NUPRC, NNRA launch crucial safety partnership

The planned offshore developments are expected to play a transformative role in helping Nigeria achieve its target of raising crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, while strengthening the country’s long-term energy security and economic growth.