Nigeria Targets $50bn in Offshore Oil Investments by 2030

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that 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, specifically from 2026 to 2030. This initiative involves 22 major offshore projects aimed at increasing crude oil production, creating thousands of jobs, expanding critical infrastructure, and strengthening Nigeria's energy security.

Oritsemeyiwa Eyesan, the Commission Chief Executive of NUPRC, shared these insights in a keynote address delivered by Enorense Amadasu, the Executive Commissioner for Development and Production, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026. The NUPRC has already approved over $57 billion in Field Development Plans since 2024, with many progressing to Final Investment Decisions.

The commission attributes the anticipated investments to improved investor confidence stemming from reforms under the Petroleum Industry Act and enhanced transparency in licensing and project approvals.