- NUPRC projects $30bn–$50bn in offshore investments by 2030
- The projects are expected to boost oil output, jobs and energy security
- The commission says reforms are attracting more investors to Nigeria’s oil sector
Nigeria’s upstream petroleum industry is expected to attract between $30 billion and $50 billion in new offshore investments over the next five years as the Federal Government intensifies efforts to expand oil production through 22 major offshore developments.
Eko Hot Blog gathered that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the projects, scheduled for execution between 2026 and 2030, are expected to boost crude oil output, generate employment, improve infrastructure and strengthen the country’s long-term energy security.
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The projection was disclosed by the Commission Chief Executive, Oritsemeyiwa Eyesan, in a keynote address delivered on her behalf by the Executive Commissioner for Development and Production, Enorense Amadasu, during the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition 2026. The details were contained in a statement issued by the commission’s Head of Media and Corporate Communications, Eniola Akinkuotu.
According to the NUPRC, recent reforms introduced under the Petroleum Industry Act (PIA), alongside improvements in licensing procedures and project approvals, have helped restore investor confidence in Nigeria’s offshore oil and gas industry.
The commission revealed that it has approved more than $57 billion worth of Field Development Plans since 2024, with several of the projects already progressing to the Final Investment Decision stage.
Eyesan said the expected investments would extend beyond increasing production by creating thousands of jobs, improving critical oil and gas infrastructure and reinforcing Nigeria’s position as a preferred destination for upstream energy investments.
She noted that while the country continues to develop its existing hydrocarbon reserves, efforts are also being made to sustain future production through continued exploration activities.
The NUPRC chief attributed the renewed confidence among investors to reforms introduced since the 2022 licensing rounds, which have made the allocation of oil and gas assets more transparent and technology-driven.
She recalled that during the 2025 Licensing Round, 31 companies emerged successful after securing 37 oil and gas blocks through a competitive evaluation process.
Preparations for the 2026 Licensing Round are already underway, with the commission expressing optimism that the exercise will attract even stronger investor participation.
Eyesan said the regulatory environment is steadily becoming more predictable, giving investors greater confidence to commit long-term capital to Nigeria’s energy sector.
She also acknowledged that inadequate infrastructure remains a major challenge to unlocking Africa’s energy resources but said Nigeria is addressing the gap through investments in gas gathering systems, processing plants, pipelines and export facilities.
According to her, the commission is promoting shared infrastructure, open-access facilities, third-party access and field tieback arrangements to reduce project costs, speed up development and bring stranded oil and gas reserves into production.
She added that collaboration among regulators, security agencies, oil companies, host communities and private investors has strengthened the protection of critical oil and gas assets.
Eyesan further said the implementation of Host Community Development Trusts under the Petroleum Industry Act has improved relationships with host communities and contributed to a more stable operating environment.
Nigeria has been working to revive investment in its upstream sector after years of declining capital inflows caused by regulatory uncertainty, oil theft, insecurity and delayed project approvals.
Since the implementation of the Petroleum Industry Act, the NUPRC has introduced several reforms aimed at improving transparency, accelerating approvals and restoring confidence among investors.
During the 2025 Licensing Round Commercial Bid Conference held in Abuja last month, the commission announced that 31 companies secured 37 oil and gas blocks out of the 50 assets offered after 143 companies submitted nearly 200 bids.
The regulator said the awarded assets could unlock about 500 million barrels of crude oil and approximately 2 trillion cubic feet of natural gas, supporting its target of increasing Nigeria’s crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. These production goals are expected to be driven largely by the 22 offshore projects planned over the next five years.
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