By Firdaus Jibril
Global investment in offshore oil and gas development is gaining momentum, with Nigeria among the countries preparing a new wave of deepwater projects as operators increase spending on offshore assets.
A new analysis by Westwood Global Energy Group shows that offshore field development investment decisions rose sharply in the first half of 2026, with 38 projects reaching final investment decisions during the period.
The figure represents a 90 percent increase compared with the same period last year, according to the energy consultancy.
Westwood expects global offshore field-development capital expenditure to reach about $137 billion this year, compared with $105.2 billion recorded in 2025.
The renewed activity comes as oil and gas companies advance projects that had previously been delayed by high costs, financing challenges, and uncertainty over future returns.
Nigeria is also positioning itself to attract a significant share of offshore investment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports that 22 major offshore projects are expected to move forward between 2026 and 2030, with an estimated investment potential ranging between $30 billion and $50 billion.
The regulator stated that these projects are expected to support increased oil and gas production and generate additional activity across Nigeria’s upstream industry.
The Nigerian pipeline includes major offshore developments requiring significant spending on drilling, subsea infrastructure, floating production facilities, and related services.
The renewed global appetite for offshore development could provide a favorable environment for Nigeria as operators seek to advance projects and bring additional production online.
However, the timing and scale of individual Nigerian projects will depend on their respective investment decisions, financing arrangements, regulatory approvals, and development schedules.
For Nigeria, the expected offshore investments come as the government seeks to boost upstream activity and reverse declining production by encouraging new projects and improving the investment environment.
The NUPRC reiterated that the 22 projects could attract up to $50 billion in investment through 2030, highlighting the scale of capital expected in Nigeria’s offshore oil and gas sector.