Nigeria’s upstream oil regulator says at least 22 offshore projects are expected to begin production by 2030, with potential investments of up to $50 billion as the country works to increase oil and gas output and attract more capital.
The NUPRC says ongoing reforms, licensing rounds, infrastructure improvements and better security are creating a more attractive environment for investment in the upstream sector.
NUPRC Chief Oritsemeyiwa Eyesan said the regulator has approved more than $57 billion worth of field development plans since 2024, allowing several projects to advance toward final investment decisions.
The regulator said the planned investments will increase oil and gas production, expand infrastructure and strengthen Nigeria’s appeal to upstream investors.
Eyesan said Nigeria awarded 37 oil and gas blocks to 31 companies during the 2025 licensing round and is now finalising plans for the 2026 round.
Nigeria is targeting oil production of 3 million barrels per day by 2030, nearly doubling its current output.
source: www.reuters.com
African Energy Council