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Nigeria’s upstream oil and gas sector could attract between $30 billion and $50 billion in fresh offshore investments between 2026 and 2030 as the country moves to unlock new production capacity through 22 major projects.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Oritsemeyiwa Eyesan, disclosed this in a keynote address delivered on her behalf by the Executive Commissioner for Development and Production, Enorense Amadasu, at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026 on Wednesday.
The commission said the investments would increase crude oil production, create thousands of jobs, expand critical infrastructure and strengthen Nigeria’s energy security.
What the NUPRC is saying
The regulator said it has approved over US$57 billion in Field Development Plans, some of which have translated to Final Investment Decisions since 2024.
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- “Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30bn to $50bn.”
- “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.”
The commission said the investment pipeline shows that Nigeria remains an attractive destination for upstream oil and gas investments despite growing global concerns over the energy transition.
Eyesan said Nigeria was continuing to develop its proven hydrocarbon reserves while maintaining a pipeline of exploration opportunities to support long-term production and energy security.
She attributed the renewed investor confidence to reforms introduced in the licensing process since 2022, which have opened access to prospective oil and gas acreages through more transparent and technology-driven processes.
During the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after undergoing an evaluation process.
The commission said preparations for the 2026 Licensing Round had commenced, with Eyesan expressing confidence that the exercise would attract stronger investor participation.
- She said, “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.”
What you should know
The NUPRC had officially declared the nation’s total petroleum reserves at 37.01 billion barrels of crude oil and condensate, alongside 215.19 trillion cubic feet (TCF) of natural gas as of January 1, 2026.
- The commission identified inadequate infrastructure as one of the major obstacles to unlocking Nigeria’s oil and gas resources.
- Also, recently, the Nigerian National Petroleum Company Limited said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
- The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
The NNPCL earlier this year unveiled its Gas Master Plan 2026, targeting 10 billion cubic feet of daily gas production to drive industrialisation and strengthen Nigeria’s energy security.
