Nigeria Targets $50bn Investment From 22 Offshore Oil, Gas Projects
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria is poised to attract between $30 billion and $50 billion in investments from 22 offshore oil and gas projects over the next five years, reinforcing efforts to expand production capacity and deepen investor confidence in the upstream sector.
Oritsemeyiwa Eyesan, chief executive of the NUPRC, said the planned investments would extend beyond increasing crude output to creating jobs, expanding critical infrastructure, enhancing energy security and strengthening Nigeria’s standing as a leading global upstream investment destination.
“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,” Eyesan was quoted as saying.
He added that since 2024, the commission has approved more than $57 billion worth of Field Development Plans (FDPs), with several of the approved projects already progressing to Final Investment Decisions (FIDs).
The investment drive comes as Nigeria records a steady recovery in crude oil production. According to NUPRC data, the country produced 1.56 million barrels per day (bpd) of crude oil in June, its highest average monthly output since April 2020 and slightly above its OPEC+ production quota.
Including condensates, total oil production rose for the fourth consecutive month to 1.735 million bpd in June, driven by stable operations across producing assets and the absence of major pipeline disruptions.
The commission projects that combined crude oil and condensate production will reach 2 million bpd in the near term.
Production momentum has continued into the third quarter. NUPRC said average daily output exceeded 1.8 million bpd in July, while production in August has averaged 1.78 million bpd so far.
Nigeria’s oil and gas sector remains the backbone of the country’s public finances, contributing about 66 percent of government revenue and accounting for nearly 80 percent of foreign exchange earnings.
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