Nigeria leads Africa’s $221bn oil investment drive

Nigeria is spearheading Africa's $221 billion oil and gas investment drive, according to a recent report. By 2030, the country is projected to attract investments ranging from $30 billion to $50 billion in 22 major offshore oil and gas projects, according to the Industrial Info Resources report. The report highlights that Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission, anticipates 22 major offshore projects commencing between now and 2030, with an investment potential of $30 billion to $50 billion.

NUPRC CEO Oritsemeyiwa Eyesan disclosed these projections at the Society of Petroleum Engineers' annual conference in Lagos on August 5. The report attributes Africa's oil and gas investment surge to concerns over energy security and geopolitical uncertainties, with some sanctioned but delayed upstream and liquefied natural gas projects poised to progress towards first production.

Gordon Gorrie, Senior Vice-President of Research, Oil & Gas at Industrial Info Resources, noted that the investment expansion extends beyond Nigeria, as African countries are increasing spending on production, midstream infrastructure, and other energy projects. Most of the capital is expected to be concentrated in offshore oil development, with some going towards new liquefied natural gas (LNG) liquefaction capacity.