By Francis Ajuonuma
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that 22 major offshore oil and gas projects expected to come on stream between 2026 and 2030 will attract investments of between $30 billion and $50 billion, as Nigeria intensifies efforts to expand crude production, deepen indigenous participation and strengthen energy security.
The Commission said the projected investments are expected to create thousands of jobs, boost infrastructure development and further consolidate Nigeria’s position as one of the world’s leading upstream petroleum investment destinations.
The projection was unveiled on Wednesday in Lagos by the Chief Executive of the NUPRC, Mrs Oritsemeyiwa Eyesan, during her keynote address at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition (NAICE 2026).
The details were contained in a statement issued by the Head, Media and Corporate Communications, NUPRC, Mr Eniola Akinkuotu, who said Eyesan, represented by the Executive Commissioner, Development and Production, Enorense Amadasu, attributed the anticipated investment inflow to sustained regulatory reforms and improved investor confidence in Nigeria’s upstream petroleum industry.
According to Eyesan, the Commission has approved more than $57 billion worth of Field Development Plans (FDPs) since 2024, with several of the projects already progressing to Final Investment Decisions (FIDs).
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, some of which have translated into Final Investment Decisions. Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of between $30 billion and $50 billion,” she said.
The NUPRC boss said the investments would extend beyond increased oil and gas production by stimulating economic activities across the value chain.
“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 stated.
She said Nigeria was not only focused on developing its proven hydrocarbon reserves but was also building a resilient energy future through sustained exploration and the opening up of new investment opportunities.
According to her, successive licensing rounds conducted since 2022 have unlocked access to some of Nigeria’s most prospective oil and gas acreages, thereby widening opportunities for both local and international investors.
Eyesan cited the 2025 Licensing Round, where 31 companies emerged successful bidders for 37 oil and gas blocks after what she described as a transparent, technology-driven and data-based evaluation process.
She disclosed that preparations for the 2026 Licensing Round had reached an advanced stage, expressing confidence that Nigeria’s transparent regulatory framework would continue to attract fresh capital into the upstream 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.
The Commission also acknowledged that inadequate infrastructure remains one of the biggest constraints to unlocking Africa’s full energy potential. Still, it stressed that Nigeria had embarked on major initiatives to address the challenge.
Eyesan said the Commission was expanding gas gathering systems, processing facilities, pipelines and export infrastructure while promoting shared facilities, open access, third-party access and field tieback arrangements aimed at lowering project costs and accelerating production.
“We are expanding gas gathering systems, processing facilities, pipelines and export infrastructure, while promoting shared facilities, open access, third-party access and field tiebacks to reduce costs, speed up project delivery, maximise the use of existing infrastructure and help bring stranded oil and gas resources into production,” she said.
She further attributed recent improvements in the security of Nigeria’s oil and gas assets to stronger collaboration among government agencies, security institutions, operators, host communities and private sector partners.
According to Eyesan, the implementation of the Host Community Development Trust framework has strengthened the protection of critical energy infrastructure, improved community participation and enhanced the resilience of Nigeria’s upstream petroleum industry.
She maintained that with sustained regulatory certainty, strategic infrastructure investments and closer stakeholder collaboration, Nigeria remains well positioned to attract long-term investment capable of driving production growth, expanding government revenues and reinforcing the country’s energy security.
