Nigeria’s upstream oil and gas sector is positioned to secure between $30 billion and $50 billion in fresh offshore investments between 2026 and 2030. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that this capital injection will be driven by 22 major offshore projects designed to expand production capacity.
Oritsemeyiwa Eyesan, the Chief Executive of the NUPRC, announced the projections in a keynote address delivered by Enorense Amadasu, the Executive Commissioner for Development and Production. The address was presented at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition on Wednesday.
Unlocking Offshore Production Capacity
The regulatory body confirmed that the upcoming offshore projects will play a critical role in boosting crude oil production, creating thousands of jobs, and expanding infrastructure. These projects are also expected to strengthen Nigeria's energy security and maintain its position as a primary destination for upstream investments.
Since 2024, the NUPRC has approved over $57 billion in Field Development Plans. Several of these approvals have already progressed to Final Investment Decisions, indicating strong commitment from international and domestic operators.
Eyesan emphasized that Nigeria is actively developing its proven hydrocarbon reserves while maintaining exploration opportunities. This strategy aims to guarantee long-term production stability despite global discussions around the energy transition.
Regulatory Reforms and Licensing Rounds
The NUPRC attributed the rising investor interest to regulatory reforms introduced in the licensing process since 2022. These reforms have utilized transparent, technology-driven processes to grant access to prospective oil and gas acreages.
During the 2025 Licensing Round, 31 companies successfully bid for 37 oil and gas blocks after a rigorous evaluation process. The commission has already commenced preparations for the 2026 Licensing Round, which it expects will draw even higher investor participation.
Eyesan stated that the upcoming 2026 round demonstrates that regulatory certainty has transitioned from an aspiration to an enduring feature of Nigeria's oil and gas framework.
Addressing Infrastructure and Gas Targets
Despite the positive investment outlook, the NUPRC identified inadequate infrastructure as a primary obstacle to fully unlocking the nation's hydrocarbon resources. As of January 1, 2026, Nigeria's official petroleum reserves were declared at 37.01 billion barrels of crude oil and condensate, and 215.19 trillion cubic feet of natural gas.
To address these limitations, the Nigerian National Petroleum Company Limited (NNPC) is working to expand national gas reserves from the current 210 trillion cubic feet to 600 trillion cubic feet. The state oil firm is seeking to attract $60 billion in investments to achieve this target.
Additionally, the NNPC launched its Gas Master Plan 2026 earlier this year. The plan targets a daily gas production rate of 10 billion cubic feet to support domestic industrialization and enhance national energy security.
