Nigeria’s upstream oil regulator expects at least 22 offshore projects to reach production by 2030, drawing potential investment of up to $50 billion, as the continent’s top oil producer works to ramp up output and attract fresh capital.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said reforms, licensing rounds, infrastructure improvements and better security conditions are helping draw investors and improve the overall operating environment. NUPRC chief Oritsemeyiwa Eyesan said the regulator has approved more than $57 billion worth of field development plans since 2024, setting the stage for several projects to reach final investment decisions.
According to the regulator, the planned investments are expected to boost oil and gas production, expand infrastructure and strengthen Nigeria’s appeal to upstream investors. Eyesan noted the country has opened up new oil and gas acreage through licensing rounds, awarding 37 blocks to 31 companies in the 2025 round, with plans for a 2026 round currently being finalised.
Nigeria is targeting a near-doubling of oil production, aiming to hit 3 million barrels per day by 2030.
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