Government targets $50 billion in funding from 22 international ventures

Nigeria's upstream oil and gas sector is poised to receive a significant influx of foreign investment, with projected totals ranging from $30bn to $50bn over the next five years, driven by 22 major offshore projects aimed at unlocking new production capacity.

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The anticipated investments, slated to occur between 2026 and 2030, are expected to not only bolster crude oil production but also generate thousands of jobs, expand critical infrastructure, and fortify the country's energy security.

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The Nigerian Upstream Petroleum Regulatory Commission's Chief Executive, Oritsemeyiwa Eyesan, revealed this information through a keynote address delivered on her behalf by Executive Commissioner for Development and Production, Enorense Amadasu, at the Society of Petroleum Engineers' Nigeria Annual International Conference and Exhibition 2026.

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The details of the anticipated investments were outlined in a statement issued by the commission's Head of Media and Corporate Communications, Eniola Akinkuotu, which noted that 22 major offshore projects are expected to attract between $30bn and $50bn in investments from 2026 to 2030.

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According to the commission, the growing pipeline of offshore projects reflects increased investor confidence in Nigeria, driven by reforms introduced under the Petroleum Industry Act and the commission's efforts to enhance transparency in licensing and project approvals.

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Eyesan stated that the regulator has approved over $57bn worth of Field Development Plans since 2024, with several of these approvals progressing to Final Investment Decisions, demonstrating the commission's commitment to facilitating investment in the sector.

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The 22 major offshore projects expected between 2026 and 2030 are anticipated to create jobs, expand infrastructure, strengthen energy security, and reinforce Nigeria's position as a leading global upstream investment destination, according to Eyesan.

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The investment pipeline underscores Nigeria's status as one of Africa's most attractive destinations for upstream oil and gas investments, despite growing global concerns about energy transition, with the country offering a unique combination of opportunities and investment certainty.

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Eyesan noted that Nigeria is developing its proven hydrocarbon reserves while also laying the foundation for long-term energy security through sustained exploration activities, ensuring a resilient energy future for the country.

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The NUPRC boss attributed the renewed investor confidence to reforms introduced in Nigeria's licensing process since 2022, which have opened access to prospective oil and gas acreages through transparent and technology-driven processes.

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During the 2025 Licensing Round, 31 companies emerged as successful bidders for 37 oil and gas blocks after undergoing a rigorous evaluation process, demonstrating the effectiveness of the new licensing framework.

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Preparations for the 2026 Licensing Round are already underway, with Eyesan expressing confidence that the next exercise will attract even stronger investor participation, further solidifying Nigeria's position as a premier investment destination.

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The commission acknowledged that inadequate infrastructure remains a significant obstacle to unlocking Africa's vast oil and gas resources, but noted that Nigeria is intensifying efforts to bridge infrastructure gaps through investments in gas gathering systems, processing facilities, pipelines, and export infrastructure.

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Eyesan stated that the country is promoting shared facilities, open access, third-party access, and field tiebacks to reduce costs, speed up project delivery, and maximize the use of existing infrastructure, helping to bring stranded oil and gas resources into production.

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Stronger collaboration among regulators, security agencies, oil companies, host communities, and private sector stakeholders has significantly improved the protection of critical energy infrastructure, according to Eyesan.

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Initiatives such as the Host Community Development Trusts established under the Petroleum Industry Act have also contributed to making Nigeria's upstream sector more resilient, Eyesan noted.

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Nigeria has intensified efforts to revive upstream investment following years of declining capital inflows caused by regulatory uncertainty, insecurity, crude oil theft, and delayed investment decisions, with the NUPRC introducing reforms aimed at improving licensing transparency and restoring investor confidence.

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Since the implementation of the Petroleum Industry Act, the regulator has introduced reforms aimed at accelerating project approvals and improving licensing transparency, with the commission announcing last month that 31 companies won 37 oil and gas blocks out of 50 assets offered during the 2025 Licensing Round Commercial Bid Conference in Abuja.

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The awarded assets have the potential to unlock nearly 500 million barrels of oil and about 2 trillion cubic feet of gas, with the regulator reaffirming its target of increasing Nigeria's crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

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The 22 major offshore projects scheduled for development between 2026 and 2030 are expected to support these production targets, driving growth and investment in Nigeria's upstream oil and gas sector.