Nigeria Eyes $50 Billion From 22 Offshore Oil and Gas Projects
Nigeria expects to attract investments worth between $30 billion and $50 billion from 22 offshore oil and gas projects over the nest five years, the country’s Upstream Petroleum Regulatory Commission has said. “Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment…
Nigeria anticipates attracting investments ranging from $30 billion to $50 billion through 22 offshore oil and gas projects over the next five years, according to the Upstream Petroleum Regulatory Commission. CEO Oritsemeyiwa Eyesan emphasized that these investments would not only boost production but also generate employment, enhance infrastructure, bolster energy security, and solidify Nigeria's standing as a top global upstream investment location.
Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, some of which have culminated in Final Investment Decisions. In June, Nigeria produced 1.56 million barrels of crude oil per day, marking the highest monthly average since April 2020. This production surpassed Nigeria's OPEC quota, as non-OPEC members took advantage of increased production opportunities due to Middle Eastern disruptions and the eventual relaxation of OPEC restrictions.
Nigerian crude oil and condensate output increased for four consecutive months in June, reaching 1.735 million barrels daily. The commission projects production to reach 2 million barrels daily in the near term. In July, output averaged 1.8 million barrels per day, and as of August, it stood at 1.78 million barrels daily. Oil and gas contribute 66% of Nigeria's budget revenues and up to 80% of the country's foreign currency earnings.
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