Nigeria Targets $50bn in Offshore Oil Investments

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) projects that Nigeria's upstream oil and gas sector will attract between $30 billion and $50 billion in new offshore investments from 2026 to 2030. This initiative is part of a strategy to unlock new production capacity through 22 major offshore projects.

Oritsemeyiwa Eyesan, the Commission Chief Executive of the NUPRC, communicated this 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 anticipated investments are expected to increase crude oil production, create thousands of jobs, expand critical infrastructure, and enhance Nigeria’s energy security.

Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, with many progressing to Final Investment Decisions. The renewed investor confidence is attributed to reforms in Nigeria’s licensing process since 2022, which have made project approvals more transparent.