FG targets $50bn offshore oil investments – NUPRC

Nigeria's upstream oil and gas sector is set to attract between $30 billion and $50 billion in offshore investments over the next five years as the country aims to unlock new production capacity through 22 major offshore projects, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced. The investments, expected between 2026 and 2030, will boost crude oil production, create thousands of jobs, expand infrastructure, and strengthen energy security.

NUPRC Chief Executive Oritsemeyiwa Eyesan revealed this during a keynote address at the Society of Petroleum Engineers' Nigeria Annual International Conference and Exhibition 2026. The 22 offshore projects reflect the country's improving investor confidence, resulting from reforms under the Petroleum Industry Act and the commission's efforts to make licensing and project approvals more transparent.

The commission has already approved over $57 billion in Field Development Plans since 2024, with several progressing to Final Investment Decisions. Eyesan attributed the renewed investor confidence to reforms in Nigeria's licensing process since 2022, which have opened access to prospective oil and gas acreages through transparent and technology-driven processes.

The commission is also working to address infrastructure challenges by expanding gas gathering systems, processing facilities, pipelines, and export infrastructure.