KEY POINTS
- Nigeria targets up to $50bn in Offshore Investment by 2030.
- At least 22 offshore projects are expected to start production.
- NUPRC has cleared over $57bn in field development plans since 2024.
Nigeria is targeting up to $50 billion in Offshore Investment by 2030 as the country seeks to revive its oil and gas industry, attract fresh capital and significantly increase crude oil and natural gas production.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said at least 22 offshore oil and gas projects are expected to commence production by 2030, potentially unlocking billions of dollars in new investment and strengthening Nigeria’s position as Africa’s leading oil producer.
The planned Offshore Investment forms part of the Federal Government’s broader strategy to expand upstream activity, develop new oil and gas infrastructure and create a more attractive operating environment for international and domestic energy companies.
NUPRC said regulatory reforms, new licensing rounds, infrastructure improvements and enhanced security measures were contributing to renewed investor interest in Nigeria’s upstream petroleum sector.
According to the NUPRC, at least 22 offshore projects are expected to begin production by 2030.
The projects could attract as much as $50 billion in Offshore Investment, providing significant capital for exploration, field development, drilling, production infrastructure and associated oil and gas facilities.
The regulator said the projects would not only increase petroleum production but also expand infrastructure and create opportunities across the wider energy value chain.
For Nigeria, securing this level of Offshore Investment is considered important to reversing years of declining upstream investment, production challenges and delays in the development of oil and gas assets.
The regulator said it has approved more than $57 billion worth of field development plans since 2024.
The approvals are expected to enable several oil and gas projects to advance towards final investment decisions, bringing them closer to construction and eventual production.
NUPRC Chief Executive Officer Oritsemeyiwa Eyesan said the approvals demonstrated the progress being made in creating conditions that could support increased investment in Nigeria’s upstream industry.
The development plans cover projects that could significantly expand the country’s production capacity once they reach full development.
Nigeria seeks to double oil production
The planned Offshore Investment is closely tied to Nigeria’s ambitious target of almost doubling crude oil production to 3 million barrels per day by 2030.
The country has struggled in recent years with declining production caused by factors including crude theft, pipeline vandalism, ageing infrastructure, operational challenges and insufficient investment in some oil assets.
Increasing offshore activity could help address some of these challenges because offshore fields are generally less exposed to certain security problems affecting onshore and shallow-water operations.
However, achieving the 3 million barrels-per-day target will depend on the timely completion of new projects, sustained investment and improvements in the country’s overall operating environment.
The NUPRC has also expanded opportunities for Offshore Investment by making additional oil and gas acreage available through licensing rounds.
During the 2025 licensing round, 37 oil and gas blocks were awarded to 31 companies, according to the regulator.
The awards are expected to bring new players and capital into Nigeria’s upstream sector while encouraging exploration of previously underdeveloped acreage.
The regulator is also finalising plans for the 2026 licensing round, which could provide further opportunities for investors seeking access to Nigeria’s petroleum resources.
The renewed push for Offshore Investment comes as Nigeria seeks to improve its reputation as an investment destination for global oil and gas companies.
The NUPRC said reforms introduced in the sector, alongside licensing rounds, infrastructure upgrades and improved security, were helping to create a more favourable operating environment.
A more predictable regulatory framework is particularly important for oil and gas investors because offshore projects require substantial capital and often take years to move from exploration to commercial production.
Investors also need confidence that approved projects can secure the necessary permits, infrastructure and financing without prolonged delays.
