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Nigeria’s upstream oil and gas sector is projected to attract between $30bn and $50bn in fresh offshore investments over the next five years as the country moves to unlock new production capacity through 22 major offshore projects, the Federal Government through its Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
The commission said the anticipated investments, expected between 2026 and 2030, would not only increase crude oil production but also create thousands of jobs, expand critical infrastructure and strengthen Nigeria’s energy security.
The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, disclosed this in a keynote address delivered on her behalf by the Executive Commissioner for Development and Production, Enorense Amadasu, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026 on Wednesday.
The details were contained in a statement issued by the Head of Media and Corporate Communications of the commission, Eniola Akinkuotu. “The Nigerian Upstream Petroleum Regulatory Commission says 22 major offshore projects are expected between 2026 and 2030, with an estimated investment potential of between $30bn and $50bn,” the statement read.
According to the commission, the growing pipeline of offshore projects reflects improving investor confidence in Nigeria following reforms introduced under the Petroleum Industry Act and the commission’s drive to make licensing and project approvals more transparent.
Eyesan said the regulator had already approved more than $57bn worth of Field Development Plans since 2024, with several of the approvals progressing to Final Investment Decisions.
She said, “Since 2024, the NUPRC has approved over US$57bn in Field Development Plans, some of which have translated to Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030, with an estimated investment potential of $30bn to $50bn.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination.”
The commission said the investment pipeline demonstrates that Nigeria remains one of Africa’s most attractive destinations for upstream oil and gas investments despite growing global energy transition concerns.
Eyesan noted that while Nigeria continues to develop its proven hydrocarbon reserves, the country is also laying the foundation for long-term energy security through sustained exploration activities.
She said, “Besides developing its proven reserves, Nigeria is building a resilient energy future by maintaining a strong pipeline of exploration opportunities that will sustain long-term growth and energy security.”
The NUPRC boss attributed the renewed investor confidence to reforms introduced in Nigeria’s licensing process since 2022.
According to her, successive licensing rounds have opened access to some of the country’s most prospective oil and gas acreages through transparent and technology-driven processes.
She recalled that during the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after undergoing a rigorous evaluation process.
Eyesan said preparations for the 2026 Licensing Round had already commenced, expressing confidence that the next exercise would attract even stronger investor participation.
She said, “With preparations already underway for the 2026 Licensing Round, Nigeria is demonstrating that investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework.”
The commission acknowledged that inadequate infrastructure remains one of the biggest obstacles to unlocking Africa’s vast oil and gas resources.
However, Eyesan said Nigeria had intensified efforts to bridge infrastructure gaps through investments in gas gathering systems, processing facilities, pipelines and export infrastructure.
She stated, “We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production.”
She added that stronger collaboration among regulators, security agencies, oil companies, host communities and private sector stakeholders had significantly improved the protection of critical energy infrastructure.
According to her, initiatives such as the Host Community Development Trusts established under the Petroleum Industry Act have also contributed to making Nigeria’s upstream sector more resilient.
Nigeria has intensified efforts to revive upstream investment following years of declining capital inflows caused by regulatory uncertainty, insecurity, crude oil theft and delayed investment decisions.
Since the implementation of the Petroleum Industry Act, the NUPRC has introduced reforms aimed at improving licensing transparency, accelerating project approvals and restoring investor confidence.
Last month, during the 2025 Licensing Round Commercial Bid Conference in Abuja, the commission announced that 31 companies won 37 oil and gas blocks out of 50 assets offered after 143 companies submitted about 200 bids.
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