Nigeria Eyes $50B in Offshore Oil Projects

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expects at least 22 offshore oil and gas projects to begin production by 2030, driving up to $50 billion in potential investments.

Africa’s leading crude producer aims to nearly double its output to 3 million barrels per day by 2030.

NUPRC chief Oritsemeyiwa Eyesan confirmed that the commission has approved more than $57 billion in field development plans since 2024, paving the way for operators to reach final investment decisions across multiple deepwater and offshore blocks.

EFCC Probes 18 States Over Public Funds Misuse

Regulatory reforms, targeted licensing rounds, infrastructure upgrades, and enhanced security are actively restoring investor confidence in Nigeria’s upstream sector.

Eyesan noted that recent acreage licensing rounds awarded 37 blocks to 31 energy companies in 2025, while regulators are currently finalising plans for a 2026 licensing round.

Nigeria eyes $50 billion in offshore oil projects (News Central TV) — Nigeria eyes $50 billion in offshore oil projects. Credit: Reuters

The regulatory agency expects these expanding investments to build vital processing infrastructure, boost national daily yields, and secure long-term capital for the country’s energy landscape.

Author

Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.