The Federal Government says Nigeria’s upstream oil and gas sector is expected to attract between $30 billion and $50 billion in offshore investments between 2026 and 2030 through the development of 22 major offshore projects.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the investments are expected to boost crude oil production, create thousands of jobs, expand critical energy infrastructure and strengthen the country’s energy security.
Speaking at the Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition 2026, the Commission Chief Executive, Oritsemeyiwa Eyesan, represented by the Executive Commissioner for Development and Production, Enorense Amadasu, said the projects reflect growing investor confidence in Nigeria’s upstream sector.
According to the commission, over $57 billion worth of Field Development Plans have been approved since 2024, with several already progressing to Final Investment Decisions (FID), following reforms introduced under the Petroleum Industry Act (PIA).
The NUPRC attributed the renewed investor confidence to improvements in licensing transparency, faster project approvals and technology-driven regulatory processes, noting that preparations for the 2026 Licensing Round are already underway.
The commission also reaffirmed its commitment to addressing infrastructure challenges by expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities and third-party access to accelerate project delivery.
The regulator added that ongoing reforms and collaboration among government agencies, industry operators and host communities are positioning Nigeria as one of Africa’s leading destinations for upstream oil and gas investment, with a target of increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
