Nigeria is projecting up to $50 billion in offshore oil and gas investments by 2030 as it seeks to sustain the recovery in its upstream sector through regulatory reforms, improved licensing transparency and new deepwater developments.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Wednesday that 22 major offshore projects are expected to come on stream between 2026 and 2030, with an estimated investment potential of between $30 billion and $50 billion.
The planned investments come as Africa’s largest oil producer looks to reverse years of declining upstream capital expenditure caused by policy uncertainty, crude theft, delayed project approvals and investor preference for other hydrocarbon provinces such as Guyana and Namibia.
Speaking at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos, Oritsemeyiwa Eyesan, commission chief executive of the NUPRC, said the projects would boost crude production, create jobs and strengthen Nigeria’s long-term energy security.
Eyesan, who was represented by Enorense Amadasu, executive commissioner for development and production, said the regulator had approved more than $57 billion in Field Development Plans (FDPs) since 2024, with some of the projects already progressing to Final Investment Decisions (FIDs).
“Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of between $30 billion and $50 billion,” she said.
According to the regulator, the investment pipeline is expected to stimulate upstream activity beyond crude production by supporting infrastructure development, expanding employment opportunities and reinforcing Nigeria’s position as a preferred destination for global upstream capital.
The commission attributed the improved investment outlook to reforms introduced under the Petroleum Industry Act (PIA), particularly efforts to improve regulatory certainty and make licensing rounds more transparent and technology-driven.
Since 2022, the NUPRC has conducted successive licensing rounds aimed at unlocking new exploration opportunities across Nigeria’s oil and gas basins. In the 2025 Licensing Round, 31 companies emerged successful bidders for 37 oil and gas blocks following what the commission described as a data-driven evaluation process.
Preparations for the 2026 Licensing Round have also begun, with the regulator expressing confidence that policy consistency and transparency will continue to improve investor confidence.
“Investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” Eyesan said.
The regulator, however, acknowledged that infrastructure remains one of the biggest constraints to unlocking Africa’s hydrocarbon resources.
To address the challenge, it said Nigeria is expanding gas gathering systems, processing facilities, pipeline networks, and export infrastructure, while encouraging shared facilities, open-access arrangements, third-party infrastructure, and field tiebacks to lower development costs and accelerate project execution.
The commission also said that improved collaboration among government agencies, security operators, host communities, and private-sector stakeholders, supported by the Host Community Development Trust framework, has strengthened the protection of critical oil and gas infrastructure.
Nigeria has recently recorded improvements in crude oil production following enhanced security around oil assets and renewed investments in upstream operations.
The government is banking on increased offshore development to sustain production growth, raise export earnings and attract long-term foreign capital into the petroleum sector.
