Nigeria’s upstream oil and gas sector is projected to attract between $30 billion and $50 billion in offshore investments over the next five years, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) moves to unlock new exploration opportunities and accelerate production growth.
Key Highlights:
- NUPRC projects $30bn–$50bn in offshore oil and gas investments by 2030.
- Twenty-two major offshore projects are expected to commence between 2026 and 2030.
- More than $57bn worth of Field Development Plans approved since 2024.
- Thirty-one companies secured 37 oil and gas blocks in the 2025 Licensing Round.
- NUPRC begins preparations for the 2026 Licensing Round to attract more investors.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, disclosed this at the Society of Petroleum Engineers Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos.
Represented by the Executive Commissioner for Development and Production, Engr. Enorense Amadasu, Eyesan said the anticipated investments would significantly boost Nigeria’s crude oil production, create employment opportunities, expand critical infrastructure and strengthen the country’s energy security.
According to her, the commission has approved Field Development Plans (FDPs) worth more than $57 billion since 2024, with several projects already advancing to Final Investment Decisions (FIDs).
She explained that the 22 offshore projects expected between 2026 and 2030 would further position Nigeria as one of Africa’s leading destinations for upstream oil and gas investment.
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Licensing Rounds Driving Investor Confidence
Eyesan said Nigeria is pursuing sustained exploration alongside the development of its existing hydrocarbon reserves to build a resilient energy future.
She noted that licensing rounds conducted since 2022 have opened access to some of the country’s most prospective oil and gas assets, leading to stronger investor confidence.
Highlighting the outcome of the 2025 Licensing Round, she revealed that 31 companies emerged successful bidders for 37 oil and gas blocks after a transparent, technology-driven and data-based evaluation process.
She added that preparations for the 2026 Licensing Round are already underway, expressing confidence that it would attract even greater investor participation.
According to Eyesan, the commission’s transparent regulatory framework has improved investment certainty and provided operators with a stable and predictable business environment.
Infrastructure Expansion to Unlock Growth
Acknowledging that infrastructure deficits remain one of Africa’s biggest energy challenges, Eyesan said Nigeria is investing in gas gathering systems, processing facilities, pipelines and export infrastructure to support industry expansion.
She said the NUPRC is encouraging shared infrastructure, open-access facilities, third-party access arrangements and field tie-back projects to reduce development costs, accelerate production and unlock stranded oil and gas resources.
Improved Security Boosting Investment
Eyesan also attributed improvements in the protection of critical oil and gas infrastructure to stronger collaboration among government agencies, security forces, industry operators, host communities and private-sector partners.
She noted that initiatives such as the Host Community Development Trust have strengthened relationships with oil-producing communities while making Nigeria’s upstream petroleum industry more resilient and attractive to investors.
