NUPRC, Shell discuss deep offshore projects as Nigeria targets $50bn investment

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Shell Nigeria have discussed ongoing deep offshore projects as Nigeria intensifies efforts to unlock billions of dollars in new upstream investments.

The discussions took place on Friday, August 21, 2026, when the Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, received Shell Nigeria’s new Executive Vice President and Country Chair, Elohor Aiboni, at the NUPRC headquarters in Abuja.

According to the Commission, the meeting focused on ongoing projects being undertaken by the oil major, against the backdrop of the Federal Government’s efforts to unlock about $50 billion in deep offshore investments.

A key project in the investment push is the approximately $10 billion Bonga South West development, which is expected to form part of Nigeria’s renewed drive to attract capital into the deep offshore sector.

The renewed focus on deep offshore projects comes as the Federal Government seeks to improve investment activity in the upstream sector and increase crude oil production.

The NUPRC said it remains committed to supporting operators as a business enabler, particularly in facilitating projects capable of contributing to the country’s production target of three million barrels of oil per day by 2030.

The Commission’s engagement with Shell comes amid broader efforts to improve the investment environment for upstream operators and accelerate the development of projects that have faced delays or investment constraints.

Deep offshore developments are considered strategically important to Nigeria’s production outlook because of their potential to deliver large-scale crude production and attract significant capital into the sector.

With the Federal Government targeting up to $50 billion in new deep offshore investments, the pace at which major projects such as Bonga South West progress could become an important indicator of whether Nigeria can translate its investment reforms into higher production.

The meeting also signals continued engagement between the upstream regulator and international oil companies as Nigeria seeks to position the sector for renewed investment and meet its 3mbpd production ambition by 2030.