FG eyes $50bn investments from 22 offshore projects

Nigeria’s upstream oil and gas sector is projected to attract between $30bn and $50bn in fresh offshore investments over the next five years as the country moves to unlock new production capacity through 22 major offshore projects, the Federal Government through its Nigerian Upstream Petroleum Regulatory Commission, has said.

The commission said the anticipated investments, expected between 2026 and 2030, would not only increase crude oil production but also create thousands of jobs, expand critical infrastructure and strengthen Nigeria’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, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026 on Wednesday.

The details were contained in a statement issued by the Head of Media and Corporate Communications of the commission, 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 read.

According to the commission, the growing pipeline of offshore projects reflects improving investor confidence in Nigeria following reforms introduced under the Petroleum Industry Act and the commission’s drive to make licensing and project approvals more transparent.

Eyesan said the regulator had already approved more than $57bn worth of Field Development Plans since 2024, with several of the approvals progressing to Final Investment Decisions.

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.