Nigeria's Oil Sector Targets $50bn Investment by 2030

Stakeholders in the oil and gas sector have welcomed the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) projection that Nigeria's upstream oil and gas sector will attract between $30 billion and $50 billion in offshore investments from 2026 to 2030. This investment pipeline will be driven by 22 major offshore projects aimed at boosting crude oil production, creating jobs, and enhancing energy security.

The NUPRC attributes this positive outlook to reforms under the Petroleum Industry Act (PIA) and improved project approvals. The planned projects are expected to help increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

Nse Victor Udoh, President General of the Niger Delta Progressive Alliance, stressed the importance of peace in the Niger Delta and the security of oil infrastructure, highlighting the role of Tantita Security Services Nigeria Ltd (TSSNL), appointed by President Bola Ahmed Tinubu, in protecting oil assets.