Nigeria Eyes $50 Billion Offshore Oil and Gas Investment Boom

The Nigerian government is eyeing a $50 billion offshore oil and gas investment boom, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). To capitalize on these opportunities, Nigeria requires a skilled workforce and digital industry professionals, noted the regulator's chief executive, Oritsemeyiwa Eyesan, during a recent human resources conference.

The nation's goal is to escalate oil production to 3 million barrels per day by 2030, necessitating significant increases in investment compared to previous years.

NUPRC data shows that annual investments in Nigeria's oil and gas industry have plummeted to $2 billion from $26 billion in 2014. Earlier this month, the regulator confirmed that Nigeria met and surpassed its OPEC quota of 1.5 million barrels per day for the third consecutive month in July. Last month, Nigeria produced 1.505 million barrels of crude oil and 170,000 barrels of condensate, resulting in a combined daily oil output of 1.67 million barrels.

The Nigerian energy sector has demonstrated consistent growth in crude and condensate production this year. Total oil output surged from 1.48 million barrels per day in February to 1.735 million barrels per day in June, as reported by the NUPRC. Following a crackdown on oil theft and sabotage in the Niger Delta, Nigeria has managed to boost crude production and aims for further growth by 2030.

In response to global supply disruptions stemming from the Iran war, the country is actively increasing crude oil production by 100,000 barrels per day in the near term to capitalize on widening supply gaps.

Nigeria's state-owned oil and gas company, NNPC, plans to raise oil production to 2 million barrels per day over the next two years, according to Udy Ntia, NNPC's executive vice president for upstream, speaking in November 2025.