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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it is targeting between $30 billion and $50 billion in investments from 22 major offshore projects expected to come on stream between 2026 and 2030.
The projection was contained in a statement signed by its spokesperson, Eniola Akinkuotu, following a keynote address delivered by the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday.
Represented by the Executive Commissioner, Development and Production, Engr Enorense Amadasu, Eyesan said the planned investments would not only boost crude oil production but also create jobs, expand infrastructure, strengthen energy security, and reinforce Nigeria’s position as a leading destination for upstream investments.
According to the statement, the NUPRC has approved more than $57 billion worth of Field Development Plans (FDPs) since 2024, with some of the approvals already translating into Final Investment Decisions (FIDs).
She said, “Since 2024, the NUPRC has approved over US$57 billion 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 $30 billion to $50 billion.
“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.”
Eyesan said Nigeria was building a resilient energy future by sustaining exploration activities and unlocking new investment opportunities across the upstream sector.
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She noted that successive licensing rounds conducted since 2022 had opened access to some of the country’s most prospective oil and gas assets.
The NUPRC boss recalled that during the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after a transparent, data-driven, and technology-enabled evaluation process.
She disclosed that preparations for the 2026 Licensing Round were already underway, expressing confidence that the process would further strengthen investor confidence in the sector.
“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,” she said.
On infrastructure, Eyesan acknowledged that inadequate facilities remained a major challenge to Africa’s energy industry but said Nigeria was addressing the gap through expanded gas gathering systems, processing facilities, pipelines, and export infrastructure.
She added that the Commission was also promoting shared facilities, open access, third-party access, and field tie-backs to reduce costs, accelerate project delivery, and unlock stranded oil and gas resources.
According to her, improved collaboration among government agencies, security operatives, operators, host communities, and private-sector partners, as well as the implementation of the Host Community Development Trust, has enhanced the protection of critical oil and gas assets and strengthened the resilience of Nigeria’s upstream petroleum industry.
