Nigeria’s upstream oil and gas sector is set to draw between $30 billion and $50 billion in new offshore investments over the next five years, backed by a portfolio of 22 major deep-water projects, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking on Wednesday at the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition 2026, NUPRC Chief Executive Oritsemeyiwa Eyesan highlighted the nation’s rising appeal to international capital despite broader global energy transition pressures. Her keynote address was delivered on her behalf by Enorense Amadasu, Executive Commissioner for Development and Production.
“Since 2024, the NUPRC has approved over US$57bn in Field Development Plans, some of which have translated to Final Investment Decisions,” Eyesan revealed in a statement released by the commission’s media chief, Eniola Akinkuotu. “Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of $30bn to $50bn.”
She added: “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 regulatory authority credits this surge in investor confidence to structural reforms introduced under the Petroleum Industry Act, alongside digital, transparent licensing rounds initiated since 2022. The 2025 licensing cycle saw 31 firms secure bids for 37 prospective blocks, with preparations already underway for the 2026 round.
Addressing persistent logistical bottlenecks, Eyesan outlined ongoing efforts to modernise processing networks and export facilities.
“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.
The commission noted that enhanced security measures and localised Host Community Development Trusts have significantly reinforced asset protection across the country. Through sustained exploration and infrastructure upgrades, the regulator maintains that Nigeria is building a resilient energy future while solidifying regulatory certainty for global investors.