NUPRC projects up to $50bn offshore investments by 2030

By Firdaus Jibril

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that Nigeria could attract between $30 billion and $50 billion in offshore oil and gas investments over the next five years as new projects move toward development.

Speaking at the 49th Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE 2026), the Commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, stated that 22 offshore projects are expected to come on stream between 2026 and 2030.

Represented by the Executive Commissioner for Development and Production, Engr. Enorense Amadasu, Eyesan explained that these projects are expected to boost crude oil production while creating jobs and expanding energy infrastructure.

She revealed that the Commission has approved Field Development Plans (FDPs) worth more than $57 billion since 2024, adding that several of the approved projects have already reached the Final Investment Decision (FID) stage.

Eyesan noted that the Commission is sustaining strategic exploration activities to ensure Nigeria continues to grow its oil and gas reserves.

According to her, licensing rounds conducted since 2022 have opened more acreages to investors, culminating in 31 companies emerging as successful bidders for 37 oil and gas blocks in the 2025 Licensing Round.

She added that preparations for the 2026 Licensing Round have commenced, expressing confidence that the transparency introduced into the bidding process will continue to encourage investor confidence.

Eyesan further stated that the Commission is actively working to remove infrastructure bottlenecks by expanding gas gathering facilities, pipelines, and export infrastructure, while promoting shared facilities and third-party access to accelerate project development.

She also emphasized that improved collaboration among government agencies, security organizations, field operators, host communities, and private investors has strengthened the protection of critical oil assets, making the upstream sector increasingly resilient.